Florida Flood Policy to be Offered in Six Additional States

By Michael Adams | December 30, 2013

  • December 30, 2013 at 6:55 pm
    Furrie Princess says:
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    If it sounds too good to be true it usually is. Surplus lines laws say if there is an admitted market (NFIP) you cannot place in a non-admitted just for a lower premium.

  • December 31, 2013 at 10:31 am
    Florida Homeowner says:
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    You are basically right Furrie P, but states can waive this requirement by adding Flood to their exportable list (if its not there already). If it’s being well received by the regulators I assume that will be done. Also I’m not sure that the NFIP technically qualifies as an admitted market in the context of that law and would trip the switch. It’s just Lloyd’s writing primary low limits Flood insurance at higher rates than they ever thought they’d get. It’s a window of opportunity until the Feds adjust the rates lower…..

  • January 6, 2014 at 11:24 am
    Big Jim says:
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    But if you look at their pricing structure they are only writing homeowners who have not had any flood claims, no unrepaired existing damage. Also the costs may be lower than NFIP but when they have a claim what happens on the underwriting side? NFIP can’t non-renew the policy. Also if a house is not elevated to NFIP standards and this program doesn’t require a elevation certifice does that not create adverse selection?


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