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It’s time to evaluate flood insurance plan


From floridarealtors.org

Florida Insurance Commissioner David Altmaier issued an advisory reminding Floridians that if they want to have flood insurance in place before the June 1 start of the 2017 hurricane season, they should consider coverage sooner rather than later.

“Many residents of our state experienced substantial property damage and losses last year from flooding caused by Hurricanes Hermine and Matthew,” says Altmaier. “Even a small amount of rising water can cause serious flooding, so it is important to evaluate your insurance coverage now and plan ahead for the upcoming hurricane season.”

Most basic property insurance policies don’t cover flooding. It must be purchased separately through either the federally administered National Flood Insurance Program (NFIP) or a private insurance company.

In Florida, almost all flood insurance is administered through NFIP, which can often be purchased directly from a consumer’s existing insurance agent or company.

In most cases, there’s a 30-day waiting period before an NFIP policy takes effect, so Florida homeowners who want to have coverage in place for the June 1 start of hurricane season, the ideal purchase date is May 1, which is about three week away.

Federal legislative reforms addressing the NFIP were instituted in 2012 and 2014. As a result, additional price and fee increases took effect on April 1, 2017, for all NFIP policies.

To learn more about coverage and the recent federal reforms, visit NFIP’s website.

Florida’s private flood insurance market is growing and several insurance companies now offer primary or excess flood insurance coverage to consumers with coverage often similar to, or lower than, those offered by NFIP.

For a list of flood insurance writers in Florida, visit the Office’s “Flood Insurance” webpage.

For more information about ways to prepare for hurricane season and resources to a variety of fact sheets and tips, visit the Office’s “Hurricane Season Resources” webpage.

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