Ballooning flood insurance premiums have caught many coastal homeowners off-guard as the cost of their escrowed mortgage payments are steadily increasing. Fortunately for Florida residents, there are now several alternatives.
Flood Insurance Options are Available for Homeowners
Insurance companies are getting very creative in providing Flood Insurance options. Initially offered through FEMA and WYO (Write-Your-Own) Carriers, the Flood Insurance marketplace has exploded and is littered with private market carriers offering everything from consumer facing web-based quoting portals to Flood Insurance endorsements added directly to Homeowner’s Insurance Policies. Stay up to date with the options available to you.
Floods are the nation’s most common and costly natural disaster and cause millions of dollars in damage every year.
Flood insurance can be the difference between recovering and being financially devastated. The damage from just one inch of water can cost more than $20,000.
NFIP vs. Private Flood Insurance
There have been a large number of inquiries recently regarding the differences between the National Flood Insurance Program (NFIP) and the various private flood Insurance options that have surfaced as of late. After the announcement of the Biggert-Waters Flood Insurance Reform Act of 2012, an assortment of different private insurance companies began to enter the…