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
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…
Read MoreLawmakers begin to focus on flood insurance in Florida
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…
Read MoreFlood insurance rates set to rise in Florida
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…
Read MoreFlood insurance rates in Florida significantly reduced by Lloyd’s of London
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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