Not too long ago we discussed how State Representative, Bill Hagar, Senator, Jeff Brandes, and the Florida Insurance Commissioner, Kevin McCarty, asked FEMA for transparency on how they determine the current flood insurance rates. Recently new data on how many homeowners are going without flood insurance, caused us to revisit this issue.

It was recently reported that nearly 300,000 policy-holders who do not have mortgages nor lender requirements have decided to forgo the coverage. As independent insurance agents we see first hand the damage a flood can do, and this concerns us. We don’t like to see cost prohibit people from having the coverage that they need. We certainly hope that the data requested is released so Florida State Lawmakers can begin to allow for private insurance to enter the market.

The law does allow some private insures to enter the marketplace for flood insurance, however there have only been a few thousand policies written. One couple’s rate increased 600 percent over the course of this year because of changes in the National Flood Insurance Program. Changes that our state representatives would like to better understand.

We hope that an agreement can be made soon, that private insurers are able to enter the flood insurance marketplace and create lower rates that will be beneficial and affordable for homeowners to purchase. It’s difficult dealing with the aftermath of a flood, and even more so when you are uninsured.

We will keep you posted on news pertaining to Florida flood insurance. If you need help finding affordable flood insurance coverage, you can count on your independent insurance agent to find you the best rate possible. Call us if you have any questions.