As hurricane season approaches its peak, Manatee County homeowners may want to explore new flood insurance options offered by private insurance companies. Better predictive modeling technology and a bill passed by the Florida Senate two years ago allow for private insurance companies to offer flood insurance policies as an alternative to the National Flood Insurance Program.
But homeowners searching for the best deal may find it means sticking with NFIP coverage.
“There are some consumers who will still buy NFIP coverage because the NFIP has subsidized or grandfathered rates and we recommend those folks stay with NFIP,” said James Watje, vice president of national sales and marketing for Universal Insurance Company of North America. For those not covered by grandfathered rates, private flood insurance may be the better deal.
Watje’s company offers policies that provide up to $3 million in protection for dwellings, while the NFIP’s limit is $250,000. The NFIP also requires a 30-day waiting period for policies separate from new homeowner’s insurance policies, while Universal Insurance Company of North America’s have no waiting period.