Possible Florida flood insurance rate hike relief

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Posted: Thursday, January 9, 2014 8:27 am | Updated: 9:29 am, Thu Jan 9, 2014.

SARASOTA, FL- New hope for homeowners dealing with skyrocketing flood insurance rates.

State lawmakers moved along a bill on Wednesday to entice private companies to enter the flood insurance market in Florida.  The proposed bill would allow companies more freedom to set rates and shape coverage plans.

Senator Jeff Brandes from St. Petersburg sponsored the bill.  The bill is in response to escalating premiums the federal flood insurance program has put out on some homeowners,  Nearly doubling costs.

The senate may vote on another bill that would delay the increase of flood insurance rates.

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