Homeowners Choice Property & Casualty Insurance Co., Inc., a Florida based provider of admitted homeowners insurance and wholly-owned insurance subsidiary of HCI Group, Inc., is now selling flood insurance to existing customers in Florida.
Many Florida residents have seen a substantial increase in their flood insurance premiums as a result of the Biggert-Waters Flood Insurance Reform and Modernization Act of 2012. In December 2013, Homeowners Choice was approved by regulators to add an endorsement to its policies to include flood coverage. The carrier’s established rate for flood coverage is expected to be similar to the rates being offered prior to the new laws. New and preexisting Homeowners Choice customers are eligible to receive flood coverage. However, customers must hold a homeowners insurance policy with the company.
Paresh Patel, Homeowners Choice’s executive chairman, said the company is trying to help its customers who were hit hardest by rate increases under the National Flood Insurance Program.
To mark the milestone, Patel this week signed the company’s first flood coverage policy for a couple who purchased their home in Seminole in 2013. The family’s flood coverage in 2013 was approximately $9,700 while the 2014 premium was scheduled to total $57,000. Homeowners Choice said it is issued its policy for a total of $9,693, which includes both homeowners and flood coverage.
Headquartered in Tampa, Florida, Homeowners Choice serves approximately 170,000 policyholders throughout Florida. Homeowners Choice is a wholly owned subsidiary of HCI Group Inc.