Insurance provider Orion180 has announced the launch of its customizable Residential Private Flood Insurance in Florida, offering an alternative to traditional federal flood insurance programs. The move comes amid rising concerns over flooding risks and underinsurance across the state.
Florida, home to more than nine million properties, remains one of the most underinsured states in terms of flood coverage. According to recent data, only 12% of homes in the state carried flood insurance as of June 2024. The company noted that this low coverage rate persists despite increasing flood threats driven by sea level rise and more frequent hurricanes. Additionally, industry data shows that 25% of flood claims in the US now originate from areas classified as moderate or low risk.
Orion180’s new flood insurance product seeks to address these concerns through a technology-driven approach. The company’s underwriting process includes advanced third-party flood mapping and individualized property risk assessments, expanding beyond the parameters of Federal Emergency Management Agency (FEMA) flood zone classifications.
“Flooding is a growing concern for homeowners in Florida, and too often, people find themselves underinsured or facing expensive policies with limited options,” said Ken Gregg, CEO of Orion180. “Our goal is to simplify the process, offer more competitive rates, and provide homeowners with superior protection that aligns with their actual risk—not just their zip code.”
Key features of the new offering include:
The private flood insurance can be purchased as a standalone product in 11 states, including Florida, Alabama, Arizona, and North Carolina, or bundled with Orion180’s surplus lines home insurance in select states.
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