As the peak of the 2018 Atlantic Hurricane Season nears and Florida approaches the one-year mark since Hurricane Irma, Florida Insurance Commissioner David Altmaier and Chief Financial Officer (CFO) Jimmy Patronis are reminding consumers to take action now to review their insurance policies and secure flood insurance coverage. Typically, there is a 30-day waiting period before a flood policy takes effect, so it is vital to act before a named storm or significant weather event emerges. [Read more…] about Take Action Now to Review Your Insurance Policy, Secure Flood Insurance Coverage
Flood Insurance Coverage
OIR To Consumers: Take Action Now to Secure Flood Insurance Coverage
As the State of Florida continues to brace for significant flooding throughout the week, Florida Insurance Commissioner David Altmaier is encouraging consumers to take action now to secure flood insurance coverage. For a list of flood insurance writers in Florida, visit this link.
Chief Financial Officer Jimmy Patronis said, “It is never too early to prepare for a tropical weather event. With significant rain forecasted and flooding on the horizon, Floridians need to review their current insurance policies and fully understand their coverages and exclusions so they can prepare accordingly. Now is the time to take action.”
Commissioner Altmaier said, “Flooding can happen any time of year, but the chances increase significantly with hurricanes and tropical storms. As we know from last year’s hurricane season, these systems can bring storm surge and increased rainfall amounts to our state. Having flood insurance in place is critical for homeowners and businesses, and helps our state’s response and recovery efforts.”
A basic homeowners’ insurance policy does not provide coverage for flooding. This coverage must be purchased separately through a private insurance company or the federally-administered National Flood Insurance Program (NFIP). Florida’s private flood insurance market is growing and there are now 26 insurers offering primary or excess flood insurance coverage. 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.
Flood insurance coverage can often be purchased directly from a consumer’s existing insurance agent or company. Typically, there is a 30-day waiting period before an NFIP policy takes effect, so it is vital to act before a named storm or other event emerges. For more information about ways to prepare for hurricane season and resources to a variety of fact sheets and tips, please visit OIR’s Hurricane Season Resources site.
Consumer Alert: It’s Time to Evaluate Your Flood Insurance Coverage Before Hurricane Season
Insurance Commissioner David Altmaier is encouraging consumers to have flood insurance protection in place for their homes and businesses prior to the start of this year’s hurricane season. A basic homeowners insurance policy does not provide coverage for flooding. This coverage must be purchased separately through either the federally-administered National Flood Insurance Program (NFIP) or a private insurance company.
“Many residents of our state experienced substantial property damage and losses last year from flooding caused by Hurricanes Hermine and Matthew,” stated Altmaier. “Even a small amount of rising water can cause serious flooding, so it is important to evaluate your insurance coverage now and plan ahead for the upcoming hurricane season.”
In Florida, the vast majority of flood insurance is administered through the NFIP, which oftentimes can be purchased directly from a consumer’s existing insurance agent or company. Typically, there is a 30-day waiting period before an NFIP policy takes effect, so to have coverage in place for the June 1 start of hurricane season, the ideal purchase date would be May 1. Federal legislative reforms addressing the NFIP were instituted in 2012 and 2014. As a result of these changes, additional price and fee increases took effect on April 1, 2017 for all NFIP policies. To learn more about this coverage, and for more information about the recent federal reforms, visit the NFIP’s website.
Florida’s private flood insurance market is growing and there are now several insurance companies offering primary or excess flood insurance coverage to consumers. This coverage is usually offered at prices similar to or lower than those of the NFIP. For a list of flood insurance writers in Florida, visit the Office’s “Flood Insurance” webpage.
For more information about ways to prepare for hurricane season and resources to a variety of fact sheets and tips, visit the Office’s “Hurricane Season Resources” webpage.
