The Real Deal Miami

Assurant launches Florida flood-damage insurance

The company is the latest of several private insurers to start offering flood coverage in Florida
Flooding in Miami Beach

Flooding in Miami Beach

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 of structural 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. [Sun-Sentinel] — Mike Seemuth