A Florida insurance agency that stepped forward last November to offer a private market stand-alone flood coverage policy in Florida has started marketing the policy in six other states.
The Gainesville, Fla.-based Flood Insurance Agency began offering the private policy as an alternative to the National Flood Insurance Program, whose rates were scheduled to significantly increase as of January 1 due to the Biggert-Waters Insurance Reform Act of 2013.
Now, the agency is making the policy available in six other states including, Louisiana, South Carolina, Virginia, Connecticut, New Jersey and Pennsylvania. It is also scheduled to be available in Texas and several other states in January.
Flood Insurance Agency CEO Evan Hecht said he has been positively received by regulators in all the states.
Underwritten by the surplus lines carrier Lloyd’s Private Flood, the Flood Insurance Agency is offering policies that would provide similar coverage to the NFIP. Requiring no flood elevation certificate, the policy would provide $250,000 in coverage for property damage and $100,000 for contents.
Although the homeowners would still face higher premiums, they would be substantially less than the NFIP’s projections, according to Hecht.
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