The Pennsylvania Insurance Department has created a new “one-stop shop” webpage to make information on private market flood insurance more accessible to Pennsylvania homeowners and renters.
In announcing the new webpage, Pennsylvania Insurance Commissioner Teresa Miller said Pennsylvania homeowners, who may be facing steeply rising premiums under the the National Flood Insurance Program, may be unaware that they can get private market flood coverage — in many cases at substantial savings as compared to the NFIP coverage.
The new webpage is available by going to www.insurance.pa.gov, and clicking on “Flood” under Top Pages. The page lists flood coverage available to Pennsylvania homeowners and renters.
“For most Pennsylvanians trying to buy individual flood insurance coverage, especially for their homes, the National Flood Insurance Program run by the federal government was thought to be the only option,” Miller said.
Miller said that with premiums for the NFIP rising, and re-drawn Federal Emergency Management Agency (FEMA) maps placing many properties in flood zones that had not been there before, she is committed to finding ways to help consumers identify lower cost coverage.
“My goal is to make sure Pennsylvanians can find good coverage at affordable prices, and this one-stop website will help homeowners and renters be able to do this,” Miller said.
The new webpage lists several surplus lines producers selling flood coverage in Pennsylvania, as well as a number of Pennsylvania licensed insurers that have started to write the coverage, though licensed insurers typically provide coverage for only a very limited market at this time.
The webpage also has a link to the NFIP, which may remain the only option for high risk properties. The webpage also lists the type of coverage written by each licensed insurer.
Miller last month testified before a Congressional subcommittee in support of proposed federal legislation that would help facilitate the entry of additional carriers into the private flood insurance market.
She said at least five surplus lines carriers sold flood insurance to homeowners in Pennsylvania in 2015, and have written nearly 1,000 policies.