New Private Flood Insurance Product Offered In Florida
May 18--Another private insurer is offering flood coverage in Florida.
Assurant Inc. on Tuesday announced a new primary flood insurance product for customers with properties in flood zones "A" and "V." Those are the zones considered by the Federal Emergency Management Agency as most vulnerable to flooding. Homes in these areas are required to carry flood insurance if they are financed with federally backed mortgage loans.
Assurant says its product provides up to $800,000 in structural coverage and up to $250,000 in contents coverage for residential homes. Policies written by the National Flood Insurance Program limit structural coverage to $250,000 and contents coverage to $100,000.
The product is initially available only through licensed agents in Florida but will be rolled out to other states in coming months, the company said.
Availability of private flood insurance has increased in Florida in recent years. In 2014, Homeowners Choice Property & Casualty sold its first flood policy and this spring the company formed a standalone company, TypTap Insurance, that sells policies directly to customers online.
Assurant's coverage is being sold through its subsidiary Voyager Indemnity Insurance Co.
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