A leading provider of residential property insurance Florida is now entering the private flood insurance market.
Tower Hill Insurance announced Wednesday that it will offer stand-alone flood policies with coverage up to $5 million. Standard coverage through the National Flood Insurance Program is only available up to $250,000 for most homes.
Tower Hill’s new private flood program offers Florida homeowners significant advantages over the standard NFIP policies.
- Building replacement cost up to $5 million
- Contents coverage up to $2.5 million
- Additional living expense coverage
- Single claims adjusting for wind and water damage
- Payment plans
The program is currently available for single-family residences located in coastal counties, including secondary or seasonal homes. Coverage for inland county risks and condominiums will be available in the near future. For even greater flexibility, the Flood Plus package provides a range of expanded coverage limits for items such as artwork, collectibles, and business property. Customers may also choose from policy deductibles between $1,000 and $50,000.
Tower Hill hopes to penetrate the market of nearly two-thirds of Floridians who do not have flood insurance. Roughly $55 billion in property is uninsured in the state.
“Everyone is at risk, no matter how near or far you live from the coast,” the company said in a news release. “Floods are caused by storms, hurricanes, water backup due to inadequate or overloaded drainage systems, as well as broke water mains.”
Coverage is available exclusively through Lloyd’s, and flood policy discounts are available for current customers.
