Global risk management firm
Assurant Inc. has waded into the private flood insurance market in Florida.
The group announced this week that it will offer Assurant Primary Flood Insurance to consumers in the state, with up to $800,000 in structural coverage and up to $250,000 in contents coverage. Prices are said to be “competitive” with no federal fees or surcharges.
The policy is available in flood zones A and V – the two primary locations classified as “Special Flood Hazard Areas” under guidelines from the Federal Emergency Management Agency.
The program will be offered from Assurant’s subsidiary, Voyager Indemnity Insurance Co. and is said to have been designed specifically for Florida homeowners. Coverage will be available only through insurance agents serving Florida, with additional states to be entered in coming months. Some exclusions apply.
The move comes weeks after the insurer announced it had reached an agreement with
Nationwide Insurance to provide flood insurance coverage options for policyholders and agents following
Nationwide’s exit as a “Write Your Own” carrier in the National Flood Insurance Program.
Assurant is the second-largest NFIP flood insurance provider in the country, and through the deal gained the opportunity to renew roughly 250,000 policies representing $230 million in written premium under the NFIP.
Agents interested in learning more about Assurant Primary Flood can contact their Assurant Flood representative.
