OIR to Consumers: Take Action Now to Secure Flood Insurance Coverage

The 2018 hurricane season begins June 1, and Florida Insurance Commissioner David Altmaier encourages consumers to take action now to secure flood insurance coverage. He says, “Flooding can happen any time of year, but the chances increase significantly with hurricanes and tropical storms. As we know from last year’s hurricane season, these systems can bring storm surge and increased rainfall amounts to our state. Having flood insurance in place is critical for homeowners and businesses, and helps our state’s response and recovery efforts.” A basic homeowners’ insurance policy does not provide coverage for flooding. Flood insurance can be purchased through the National Flood Insurance Program (NFIP), but Florida also has a growing private flood insurance market with 26 insurers now offering primary or excess flood insurance. Typically, flood insurance policies have a 30-day waiting period. Florida CFO Jimmy Patronis says, “It is never too early to prepare for a tropical weather event. With significant rain forecasted and flooding on the horizon, Floridians need to review their current insurance policies and fully understand their coverages and exclusions so they can prepare accordingly. Now is the time to take action.”