HoneyQuote, an internet market for householders’ insurance coverage, has expanded its choices to incorporate flood insurance coverage as Florida householders face new necessary necessities.
Via HoneyQuote’s platform, customers can now evaluate flood insurance coverage quotes from varied non-public carriers.
Residents Property Insurance coverage Company (Residents) has launched a mandate for private traces policyholders with property substitute prices of $500,000 or extra to accumulate flood insurance coverage.
Arrange by the Florida Legislature in August 2002 as a not-for-profit authorities entity, Residents goals to supply property protection to eligible Florida policyholders who’re unable to seek out protection within the non-public market.
HoneyQuote CEO Freddy Seikaly mentioned: “With flood insurance coverage necessities tightening and storms turning into extra extreme, householders want a easy and dependable solution to get coated. Our flood insurance coverage market empowers Floridians to buy, evaluate and safe inexpensive insurance policies with out the stress of navigating a sophisticated course of. We’re placing management again into the arms of house owners once they want it most.”
HoneyQuote chief insurance coverage officer Justin Zemaitis mentioned: “Florida householders are actually navigating a quickly altering insurance coverage panorama. By partnering with main non-public insurers, we’re offering tailor-made flood insurance coverage choices that empower residents to make knowledgeable selections about defending their properties.”
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This directive is a part of a gradual implementation technique that can finally embody all Residents policyholders by 2027, no matter property worth.
Non-compliance with the flood insurance coverage requirement may result in the revocation of Residents protection, leaving householders susceptible or compelled to hunt costlier options.
The urgency for protection is underscored by the current surge in flood dangers in Florida, highlighted by the destruction wrought by Hurricanes Helene and Milton.
St. Petersburg skilled unprecedented rainfall of greater than 18in on account of Milton, whereas Naples confronted storm surges reaching 6ft.
Moreover, updates to federal flood maps have reclassified tens of 1000’s of properties into high-risk zones, necessitating flood insurance coverage for a lot of householders for the primary time.
In September 2024, HoneyQuote collaborated with insurtech firm Bindable, providing Florida householders extra insurance coverage choices by Bindable’s comparability platform.
