Similar to customization options available in standard personal lines coverages, this is the first flood coverage
, admitted and regulated by the state of Florida, which allows property owners to tailor their flood insurance policy to their specific needs, according to the announcement.
Market Detail: Velocity Risk Underwriters (www.velocityrisk.com) offers property capacity in catastrophe-exposed areas focusing on wind, earthquake and flood coverage
. Target classes include: commercial habitational/condominium; real estate/lessor's risk; office/retail/restaurant; and public entity/municipality/school districts.
Some of these insurers offer flood coverage
as part of their standard homeowners coverage.
Hence, there has been increasing interest in the provision of private flood insurance as a complement to or substitute for federal flood coverage
. (1) Most recently, the House passed H.R.
A private insurer would write a policy based on the risk of flood waters rising to the structure, Smale said.Even with the potential advantages of private flood coverage
, Thompson said, it's important to remember that private flood insurance carriers may have disadvantages.
The decision had caused numerous home sales to be delayed because buyers weren't able to obtain flood coverage
Munich Re America (MUV2.DE) has partnered with BriteCore to offer inland flood coverage
The knowledge gained from this flood insurance course will allow insurance professionals to provide the most accurate information on flood coverage
."<br />Resident producers, customer service representatives and adjusters with a property line of authority will have to complete one hour of continuing education per license period.
"Because of the scope of the policy (which was divided among four insurance carriers) for $1 billion in risk over our 25,000-unit portfolio, the policy included $100 million in flood coverage
for the participating properties," Clark says.
Treutel-Zeringue said in the hurricane prone area, the distinction about what causes the damage, wind or water, requires so much legal interaction to make that determination that it is more cost effective to include flood coverage
in with wind policy.
Fortunately, flood coverage
is available from more than just Uncle Sam's National Flood Insurance Program.