Florida flood insurance rates are on the rise in April

Florida Flood Insurance - Flooding on road - flood insurance rates

This month, homeowners will start to pay more for their coverage against water damage. Homeowners are being advised that Florida flood insurance is getting more expensive this month. In fact, the majority of residents will find themselves paying significantly more. Flood insurance premiums will be on the rise regardless of whether or not a claim has ever been made. The upward trend of Florida flood insurance rates has been worrying for the state. That said, the insurance industry is hoping to assuage consumer fears. There are still many ways that…

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New company begins offering flood insurance policies in Florida

home flood insurance coverage

Florida homeowners have another option when it comes to flood protection A new company has entered into the flood insurance market in Florida and will serve as an alternative to the National Flood Insurance Program (NFIP). Called TypTap Insurance, it is the first company licensed in Florida to focus exclusively on flood protection. Homeowners can use the insurer’s online platform to purchase the coverage they need. Typically the only place homeowners can find flood protection is through the federal program, but this is beginning to change. The flood market may…

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Lawmakers begin to focus on flood insurance in Florida

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Florida introduces new legislation that could have an impact of flood insurance premiums Florida lawmakers are beginning to focus their attention on flood insurance. Some are calling for an extension for the Homeowner Flood Insurance Affordability Act, which was passed in 2014 as a way to reduce the insurance premiums that homeowners were paying for their coverage. The law is meant to limit premiums increases to no more than 18% in a given year, making flood protection less of a financial burden for consumers. Legislation would assist in the development…

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Flood insurance rates set to rise in Florida

flood homeowners insurance rates

Florida homeowners will be hit with double-digit rate increases later this year Flood insurance rates in Florida are set to increase yet again. Thousands of homeowners throughout the state are likely to see higher rates in the coming months as the National Flood Insurance Program continues to raise rates throughout the country. These rates are based on flood maps devised by FEMA. The federal agency has been making revisions to these flood maps recently in order to better account for the changing risks associated with natural disasters and provide insurance…

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Flood insurance rates in Florida significantly reduced by Lloyd’s of London

Flood homeowners Insurance Program

The massive marketplace is now showing quotes that are notably lower than NFIP. In recent news that is quite different from what Florida is used to hearing, it could be that flood insurance rates are actually falling and becoming more affordable, as private insurers start to make their way into this marketplace. Consumers who have been shocked by the increases by NFIP are finding relief in new quotes. The National Flood insurance Program (NFIP), which is a part of FEMA, is now quoting rates that are significantly higher than what…

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Florida may soon be home to a private flood insurance market

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Legislation aims to make flood protection a private market rather than something handled by the federal government Homeowners in Florida are facing rising flood insurance rates that could threaten their financial stability, but state lawmakers may be able to provide some relief through new legislation. The legislation would create a competitive, private insurance market throughout the state. This would take flood insurance out of the jurisdiction of the federal government, allowing private insurers in Florida to provide this coverage to homeowners. State lawmakers believe that this will be beneficial to…

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Flood insurance rate increases front and center in Scott and Obama talks

flood insurance

The governor had the opportunity to speak to the White House this week in a meeting with the President. Governor Rick Scott or Florida has been making a tremendous effort to try to put the spotlight on the issue of the increases in flood insurance rates which have impacted many states, among which his own has been one of those hit the hardest. He finally received an ideal chance to address this topic with the President, this week, at the White House. As a result of a law passed in…

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