If you own a second home in Florida, you're going to be paying more for flood insurance than people who reside there full-time.
According to WWSB ABC 7, homeowners who do not claim Florida as their state of domicile will have to pay a $250 surcharge for flood insurance. This is in addition to expected rate increases that could be as much as 18%.
Residents who claim Florida as their state of domicile will only be hit with a $25 surcharge—however, they have to be able to prove that they live in the state year-round.
The surcharges are reportedly federally mandated to offset the 18% annual cap on rate increases. The new rates and surcharges could go into effect in April, says WWSB.
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