The first property insurance company that responded to Florida legislators’ 2013 call for more private flood solutions says it’s created another first.
Homeowners Choice Property & Casualty has built what it says is Florida’s first regulated insurance company licensed solely for flood insurance. The website for the new company, called TypTap, went live on March 1.
Property owners can get a flood insurance quote from the site in minutes, without phoning an agent.
The company offers policyholders alternatives to the National Flood Insurance Program, which racked up $23 billion in debt after Hurricane Katrina and Superstorm Sandy. Since then, lawmakers have been focusing on ways to encourage the private sector to provide alternatives to policyholders facing steep premium hikes each year.