Florida Flood Insurance RequirementsWe are seeing the effects of the passage of 2022 Senate Bill 2A.The most obvious is that many Citizens’ policyholders must purchase flood insurance. Effective March 1st, flood insurance is no longer an option for homes valued at $600,000 or higher! The value drops $100,000 annually through 2026; in 2027, it will apply to all Citizen policies. The most important exception is that flood protection is not required for condos if the
Hurricane Preparedness and Claim Information Ensure you have adequate coverage and take steps to prepare in advance of hurricane season:Have you informed Term Brokers of any new upgrades or additions to your property?Take pictures of your home, car, boat, RV, and other possessions. Then, make two copies of the images and file them in a safe place.Have you added Florida flood insurance to your policy with Term Brokers?Key steps to follow if you have damage
Jana McDonald
Business Insurance, Flood Insurance Blog, Homeowners Insurance, Hurricane Preparedness Tips, Insurance Tips
Why is Flood Insurance Important in Florida? “For the nation’s insurance companies, the August 2005 landfall of Hurricane Katrina, and subsequent flooding caused thousands to flee their homes, is shaping up to be the costliest domestic natural disaster in U.S. history.Robert Hartwig, chief economist at the Insurance Information Institute, said Hurricane Katrina could force the largest payout of federal flood insurance in history — in the ballpark of $3 billion, according to a CNN/Money report.Â