Private Flood Insurance is Available in Florida and Less Expensive than the National Flood Insurance Program (NFIP).

Florida has laws to encourage a vibrant private flood insurance market and is one of the few places where a robust private insurance market is able to compete with the NFIP subsidized flood insurance. The number of private companies offering flood insurance has more than doubled in the past two years, from 10 companies in 2016 to 25 companies as of the end of July, according to the Florida Office of Insurance Regulation.

Florida’s flood insurance laws are simple and flexible, with the goal to provide consumer choices and alternatives to the debt-ridden, outdated and increasingly expensive NFIP; therefore, companies are offering better pricing and consumers are saving significant money through the private market alternatives.

In a recent article published in the Insurance Journal, Lisa Miller, a Tallahassee-based former Florida Deputy Insurance Commissioner who served as an advisor on passage of Florida insurance laws, makes a case for including a private flood insurance element in any updates to the NFIP. Last month in Salt Lake City, the National Conference of Insurance Legislators began taking a closer look at Florida’s model flood insurance regulation to see if it can be used successfully to encourage a vibrant private market in all 50 states.

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