Homeowners Choice Property & Casualty Insurance Company, Inc., a Florida based provider of homeowners insurance and wholly-owned insurance subsidiary of HCI Group, Inc., announced Thursday that it is the first admitted homeowners insurance carrier to provide flood insurance in the state of Florida since the advent of the Biggert-Waters Flood Reform Act of 2012.
Many Florida residents have seen a substantial increase in their flood insurance premiums as a result of Biggert-Waters. In December 2013, Homeowners Choice was approved by regulators to add an endorsement to its policies to include flood coverage.
The carrier’s established rate for flood coverage is expected to be similar to the rates being offered prior to the new laws. New and preexisting Homeowners Choice customers are eligible to receive flood coverage. However, customers must hold a homeowners insurance policy with the company.
During a press event, Patel signed the company’s first flood coverage policy for a Seminole couple whose 2013 flood coverage was $9,700. Their 2014 premiums are scheduled to total $57,000 under the new laws, but Homeowners Choice is issuing its policy for a total of $9,693 with homeowners and flood coverage included.
Source: HCI Group/Homeowners Choice