3 MANY Florida residents buy flood insurance... So it came as a shock ... when Washington announced homeowners would be paying higher premiums for it. But some good news... Just yesterday, new legislation reversed that decision. Channel 4's Tarik Minor joins us now LIVE from Riverside with more on what this COULD mean for YOU ...Tarik? 3 3 09-13 40-45 1'11-1'16PKG - Rick Goodman who lives right on the water, in the Riverside community, says he's been paying a pretty penny for years to protect his home in case of a flood. SOT 18:00:44"We already pay a pretty hefty premium on top of our regular homeowners insurance."He and others who live in flood prone areas, are happy to hear about an overhaul of the government s flood insurance premium, which President Obama is set to sign. The legislation which cleared Congress scales back flood premiums - putting more money in homeowners pockets. 18:01:53" it could save you a couple thousand dollars a year."Realtors say the bill could also prevent the housing market, from taking another plunge.17:56;51"so we're trying to get legs underneath the housing market right now, so thing like flood insurance, things like rising rates, and mortgage underwriting being so difficult these are all things that cause people to take pause when looking for a home."Realtor Howard Flaschen says higher flood insurance premiums could have been passed onto the buyers, creating serious sticker shock at closing.17:55:20"uncertai nty of what can happen, is a problemInsurance agents say it was the voice of the people, that pushed politicians into action.17:50:52"there was a lot of pressure especially people who were getting those increases, painful mess, a huge drastic shockk to them so they voiced their opinions locally and nationally." 3 Tarik ... does this apply to homeOWNERS only ... or are renters affected too?