Wave of Private Flood Insurers Enters Florida Market
TALLAHASSEE, Fla. – According to Florida’s Office of Insurance Regulation, the number of insurers eligible to provide private flood insurance has risen by 45% since 2017. In 2017, there were 20 insurers in the state writing private flood insurance, and that number has increased to 29.
Collectively, the state’s private flood insurance firms have written about 62,000 personal primary flood insurance policies – a 169% increase from June 2017.
The average flood insurance claim payment in 2017 was more than $90,000, and private coverage is usually offered at prices similar to or lower than those of the National Flood Insurance Program.
“The 2017 hurricane season impacted virtually every county in Florida, with Hurricane Irma resulting in more than $8.6 billion in insured losses,” says Florida CFO Jimmy Patronis. “Last year, Hurricane Michael caused more than $6.3 billion in insured losses in the Panhandle alone.”
Source: Business Insurance ~ Gonzalez, Gloria
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