Assurant
Co. has joined other insurers in offering private Florida flood coverage.
Assurant
announced a new flood insurance policy for owners of property in zones that the
Federal Emergency Management Agency (FEMA) considers most exposed to flood
risk. Owners of homes in these high-risk zones must have flood insurance if the
homes are collateral for federally backed mortgage loans.
Assurant’s
new coverage provides flood protection for as much
as $800,000 in structural damage and a limit of $250,000 for damage to
household contents.
Policies
available through the National Flood Insurance Program cover up to $250,000 ofstructural damage and $100,000 for contents.
Private
Florida flood insurers have multiplied in recent years. For example, Homeowners
Choice Property & Casualty sold it first flood policy in 2014 and this
spring formed a company called TypTap Insurance that sells flood coverage
online directly to customers
Original
content The Real Deal
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