![]() ![]() Universal does not write flood insurance policies.Īnd many of its wind policies in those four counties are for condominiums and renters, which would not cover roofs and external structures damaged in the storm. While the carrier commands 7.9% of the entire Florida market based on total insured value – down from about 10% late last year thanks to an effort to shed policies – it has just 3.8% in Charlotte, Desoto, Lee and Sarasota counties, which saw the worst of the winds in Ian. It will be interesting to see how many customers are ultimately drawn to this new approach to flood insurance and whether it lives up to expectations once the next big storm hits.Fort Lauderdale-based Universal said Tuesday that its expected losses are not huge because it holds a relatively small market share in the hardest-hit areas of southwest Florida. Indeed, the chairman and CEO indicated that a property owner in a high-risk zone paying upwards of $5,000 a year could conceivably secure a policy through TypTap for half that price. ![]() While this depends on a multitude of factors, early indications are that they will be considerably cheaper. Just how expensive are TypTap’s policies? Consider that while the NFIP coverage is limited to $250,000 for buildings and $100,000 for contents, and requires an elevation certificate, TypTap’s coverage is limited to $500,000 for buildings and $250,000 for contents, and requires no elevation certificate given that it’s already in possession of this data. It’s able to do this because prior to its launch, the company gathered and preloaded data on eligible policyholders across the state, such that all people really need to do is enter their address and how much coverage they would like.ĭo the flood policies issued by TypTap provide customers with more? What’s significant about this cutting-edge website, say company officials, is that it can provide interested property owners with flood insurance quotes within a few seconds and actual coverage within a few minutes - all without ever speaking to an agent. Yes, the TypTap website officially went online March 1. HCI Group Inc.’s new flood insurance-only company is called TypTap and was launched after company officials realized that they were missing out on a huge market segment by only selling flood insurance to its own property insurance holders. What exactly is this standalone insurance company? Interestingly enough, Homeowners Choice Property and Casualty, the first private insurer to answers state lawmaker’s entreaties for primary flood insurance back in 2013 recently announced that it has formed the first-of-its-kind standalone insurance company selling only flood insurance and which is both licensed and overseen by the state Office of Insurance Regulation. ![]() Indeed, homeowners face these steep premiums regardless of whether they secure their coverage directly from the National Flood Insurance Program or via a private company whose policies are backed by the NIFP. ![]() The unfortunate reality for hundreds of thousands of Floridians who reside in those areas designated as high-risk flood zones is that their flood insurance premiums are increasing by as much as 18 percent per year. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |