private flood insurance News

Top Florida Stories of 2016: Florida’s Evolving Flood Market

Before McCarty announced his decision to leave office, he initiated dialogue with the Federal Emergency Management Agency (FEMA) over the National Flood Insurance Program’s rate making. Citing the fact that the flood insurance rates Floridians pay are the highest in …

Private Flood Insurance a Focus for Pennsylvania Insurance Department in 2017

The Pennsylvania Insurance Department has a plan to continue furthering its initiatives within the private flood insurance market in 2017. This comes after the North Central part of the state of Pennsylvania saw flooding in many areas outside of identified …

Coastal American Insurance Rolls Out Private Flood Endorsement in Mississippi

Coastal American Insurance Co. has introduced a combined wind and flood insurance policy for policyholders in Mississippi. The new private flood endorsement is designed to eliminate disputes over concurrent causation, which often arise when storms hit coastal areas coverage according …

Assurant Expands Private Flood Insurance to Texas

Assurant, Inc. has expanded its new private flood insurance to Texas homeowners. Assurant Primary Flood Insurance, introduced in Florida last month, offers structural coverage up to $800,000 and up to $250,000 in contents coverage, at competitive rates that include no …

Don’t Expect Surge of Private Flood Insurance Products: S&P

Opening U.S. flood insurance to private insurers won’t lead to a surge of new market entrants, Standard & Poor’s asserts in a new report. Even if Congress passes legislation to make the change as it is widely expected to do, …

Florida Lawmakers to Industry: We Want YOU to Join State Flood Insurance Market

“We think the time is right for you all to explore the [Florida] flood insurance market.” That was the message Florida Senator Jeff Brandes gave insurance industry attendees at the first ever Florida Flood Insurance Conference on Dec. 9 in …

Why Now Is Time to Privatize Flood Insurance: a Candid Conversation with Hiscox USA CEO Walter

The private insurance industry is ready and anxious to take on flood risk, and politicians should reform the federal program now to take advantage of this interest, according to the U.S. executive of a leading specialty insurer. “I think there …

National Flood Services Launches Private Flood Product Suite

National Flood Services, a division of Affinity Insurance Services, has introduced a line of private flood insurance products that will be delivered via the FloodChoice agent system. The new products offer options for consumers and insurance agents. According to John …

Rule Addresses Lenders’ Flood Insurance Escrowing, Mandate Exemptions

Five federal regulatory agencies are seeking comment on a proposed rule pertaining to loans secured by property located in special flood hazard areas. The rule, part of a broader proposal first offeerd last October, would implement provisions of the Homeowner …

Florida’s Flood Agency Stops Writing New Business in Tampa Bay Region

One of the first entities to step forward and provide private flood insurance in Florida has announced it will stop writing new business in the Tampa Bay region in order to manage its exposure. The Flood Agency, which offers private …