Florida’s private flood insurance market is growing while Congress tries to find its way to potential fixes for the beleaguered National Flood Insurance Program (NFIP). Just in time for the start of hurricane season, the Florida Legislature has made it even easier for private insurance companies to write flood coverage in the Sunshine State. The private market is seen as a much-needed alternative to the debt-ridden, increasingly expensive, federal government’s NFIP. Even more so for Florida consumers, who are largely subsidizing the program, receiving just $1 in claims benefits for every $4 paid in premiums.
Host Lisa Miller, a former Florida deputy insurance commissioner, breaks down just how private carriers are being encouraged in this latest episode of The Florida Insurance Roundup here. We also hear from state Senator Jeff Brandes on how Florida’s private market can work hand-in-hand with the NFIP. With less than 90 days remaining until the beleaguered NFIP expires, the U.S. House is making progress toward a series of reforms designed to tackle the programs $24.6 billion in debt and improve access and affordability for homeowners. One fix would expand mandatory flood insurance to most U.S. homeowners – just like the Affordable Care Act on the health insurance side – to subsidize the NFIP going forward.
The Florida Insurance Roundup from Lisa Miller & Associates, was created to bring you the latest developments in Property & Casualty, Healthcare, Workers’ Compensation, and Surplus Lines insurance from around the Sunshine State. We want this podcast to be another vehicle for conversation with our clients, colleagues, and friends on these important topics. Subscribe to The Florida Insurance Roundup podcast by clicking here.
If you cannot listen now, plan to click the above podcast link on the afternoon drive home today or over morning coffee tomorrow or on your commute to the office. Your questions, comments, and suggestions for future topics and guests are always welcome and we certainly look forward to hearing from you! Send them to info@LisaMillerAssociates.com