October 26th, 2013 categories: Real Estate News
Two insurance companies plan to offer a flood insurance alternative to the National Flood Insurance Program for some homes in St Petersburg and surrounding area, according to the Tampa Bay Times. This is progress since my report on flood insurance on Oct 15th.
One of these is Homeowners Choice Property & Casualty Insurance Co., which will offer flood insurance as an endorsement to its homeowners policies. This is the company that sent letters to some Broadwater waterfront home owners recently saying that it would take policies out of Citizens. This flood endorsement would be subject to approval by the Florida regulators.
The other company, The Flood Insurance Agency of Gainesville, is offering a program backed by Lloyd’s of London. Since it is a surplus-line carrier they do not need state approval. Here you can view Lloyd’s Private Flood.
We’ll see if the federal government or the state of Florida will be offering more alternatives.