As the 2018 Atlantic Hurricane Season nears its end, Florida Insurance Commissioner David Altmaier and Chief Financial Officer (CFO) Jimmy Patronis are reminding consumers that now is not the time to be complacent when protecting yourself from the impacts of flooding. Consumers are urged to take action now to review their insurance policies, understand their coverages and secure flood insurance coverage.
As discussions surrounding the future of the federally-administered National Flood Insurance Program (NFIP) continue, OIR has proactively worked alongside CFO Patronis’ office to expand Florida’s private flood insurance market. As of September 1, 2018, there are 29 insurers eligible to write private primary personal residential flood insurance in Florida writing more than 44,000 policies, a 110 percent increase in policies in force since June 2017. This coverage is usually offered at prices similar to or lower than those of the NFIP, providing more consumer choice and an alternative to the federal program. Additional insurers are pending entry.
b>Chief Financial Officer Jimmy Patronis said, “While Hurricane Season is coming to an end and the NFIP is set to expire, our flooding risk remains and everyone should make sure they are covered. Florida has been the leader when it comes to flood mitigation and fostering private market solutions. Flooding can happen anywhere and anytime and there are many policy options available to protect your home and business. Do not wait until it’s too late.”
Commissioner Altmaier said, “Catastrophic flooding is not limited to the six-month hurricane season or how close in proximity one’s home is to the coast. Due to the unique geography of our state, flooding poses a serious threat to virtually every homeowner and can occur at a moment’s notice at any time. In fact, FEMA has reported that more than 20 percent of flood claims come from properties outside of flood zones.”
A basic homeowners’ insurance policy typically does not provide coverage for flooding and this coverage must be purchased separately through a private insurance company or the NFIP. Flood insurance coverage can often be purchased directly from a consumer’s existing insurance agent or company. For a list of private market flood insurance writers in Florida, visit this link.
For more information on ways to protect yourself from flood damage, please visit OIR’s Hurricane Season Resources webpage, CFO Patronis’ Hurricane Season Preparedness webpage, or contact CFO Patronis’ Insurance Consumer Helpline by calling 1-877 MY-FL-CFO (1-877-693-5236).
About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about the Office, please visit www.floir.com.