![]() On April 1, it applies to all new policyholders with properties in a flood zone. But for everyone else, the mandate will roll out over the next four years. The policy doesn’t affect Citizens policyholders who aren’t insured for wind coverage, about 300,000 customers statewide. ![]() During Hurricane Ian, only 18% of homes in evacuation zones had flood insurance, and some estimates suggest that up to half the damage from the storm could be uninsured flood damage.Įven now, Florida leads the nation in flood insurance policies with 1.7 million in force, and if all 1.2 million affected Citizens policyholders sign up, it could nearly double the state’s flood insurance footprint. There is no doubt that many Floridians, even in coastal counties, are already vulnerable to catastrophic flooding losses. Or, as some critics point out, the extra cost could be enough to push more homeowners out of the insurance market altogether, leaving them uncovered and unprepared for the stronger, wetter hurricanes scientists are predicting. ![]() ![]() The new policy could go a long way toward addressing Florida’s massive gap in flood insurance, but it will also drive up costs for many homeowners already facing spiraling insurance bills. There have been pie-in-the-sky calls for mandatory flood insurance for anyone who owns a home, so it’s a really big deal for a state that currently does represent a large amount of the policies under the flood insurance program, which is a big indicator of risk.” “I haven’t seen a sweeping requirement like this anywhere else,” said Laura Lightbody, project director of the flood-prepared communities program at The Pew Charitable Trusts. And there could be plenty of those as private wind insurance costs continue to skyrocket and more companies go belly up, leaving Citizens the best option. It also will apply to any new Citizens customers, with some of them impacted as early as April 1. At minimum, that’s likely to add hundreds of dollars a year to the insurance bill.Īs the mandate is phased in over the next few years, it could affect 1.2 million current Citizens policy holders, who will be required to get flood insurance no matter where they live or see their coverage canceled. The provision, included in a sweeping insurance bill passed late last year, will make flood insurance mandatory for any homeowners with hurricane wind policies from Citizens Insurance, the state-run insurer of last resort. It will force them to also buy flood insurance - even if their homes aren’t in designated flood zones. We are there when you need us, and we think that is the measure of the right relationship.A little-noticed line in the Florida Legislature’s latest attempt to fix the state’s fractured home insurance market promises to have big impacts on more than a million Floridians. In concert with FEMA and their Moonshot goals, Wright aims to lessen the flood insurance protection gap, help owners to recover from flood loss and build stronger, more resilient communities.īut more important than providing policies, at Wright we take pride in offering more support, greater expertise, and our ongoing commitment to partner agents and policyholders, especially at the time of flood loss. Through Wright National Flood Insurance Services, we have conceived and are building The Flood Insurance Marketplace™ for agents and consumers to easily find private flood insurance solutions with higher policy limits and customized coverage options. In partnership with FEMA Wright Flood provides federal flood policies to protect homes, businesses, and their contents from flood disasters and has grown into the largest flood insurance company across the country. As we have for almost 40 years, Wright provides flood insurance with leading industry expertise and extraordinary claims response, earning an A (Excellent) rating from A.M.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |