Market Overview

New Innovative Flood Coverage Solution Creates Affordable Alternative to National Flood Insurance Program for Floridians

Share:

New Innovative Flood Coverage Solution Creates Affordable Alternative to National Flood Insurance Program for Floridians

PR Newswire

ORMOND BEACH, Fla., July 31, 2018 /PRNewswire/ -- For the first time in the company's 13-year history as the second largest, privately owned homeowners' insurance provider in Florida, Security First is now offering combined Flood and Water Backup Coverage to its Floridian customers. This new coverage protects against flooding as well as damage caused by water that backs up into a home from sewers, drains, or overflows from a pool or sump. It can safeguard against damage resulting from outside water flowing into a home, all under one deductible. This is very different from what is currently being offered by the National Flood Insurance Program (NFIP) as well as other private company's flood products because it offers much broader coverage under one deductible, at an affordable price.

Many Floridians believe flood insurance is included in their standard homeowners' insurance policy and they do not understand their home's true risk to flood damage. Flood damage can happen anytime, in any location.

Security First Insurance's ability to develop comprehensive coverage at a price that's tailored to each individual property's risk to flood damage would not be possible without advances in technology and the work Senator Jeff Brandes (R-St. Petersburg) and Florida Insurance Commissioner David Altmaier were able to do to change insurance law, and pave the way for the creation of alternative flood insurance solutions by the private homeowners insurance market.

According to company founder and former Florida state senator, Locke Burt, "Under the NFIP, homes are either in a flood zone or not. As a result, far too many homeowners believe if they aren't in a flood zone, they don't have flood risk. But that's simply untrue - if you live in an area where it rains, you are susceptible to flooding. Now, thanks to advances in technology and legislative changes, we can offer broader coverage at better pricing, a much better alternative to flood insurance coverage offered by the NFIP."

Burt continued, "Eighty percent of our customers will be able to add our new Flood and Water Backup Coverage to their existing policy for less than $150. Ninety percent of our customers will be able to add the coverage for less than $1 per day."

Senator Brandes added, "I'm glad to see that my bill, SB 542, which became law in 2013, has enabled over 20 private insurers in Florida to provide private flood options to Floridians. Under Security First's policy, I am also glad to see that some Floridians could save hundreds on their flood insurance while getting better coverage."

Florida Insurance Commissioner David Altmaier and the Florida Office of Insurance Regulation (OIR) have remained committed to ensuring Floridians have a market environment that is conducive to the expansion of access to private flood insurance products. Security First Insurance greatly appreciates OIR's support of innovation within the marketplace.

Burt added, "When it comes to offering our customers options we want them to remain as informed as possible. I'm honored to have worked with Senator Brandes and Commissioner Altmaier to bring to market a product for our customers that can save them money while offering better coverage."

More information about this unique product can be found at http://www.floridaflood.com.

About Security First Insurance      

Headquartered in Ormond Beach, Fla., Security First Insurance is built on more than 100 years of history and experience in the insurance industry. The company has an acute understanding of Floridians' vulnerability to natural catastrophe. Locke Burt was serving in the Florida Senate in 1992 when Hurricane Andrew made landfall. It was one of the worst natural disasters in U.S. history, leaving behind more than $26 billion in insured losses and a crippled insurance industry. Locke wanted better for the state and its residents and created Security First Insurance. The company now serves policyholders living across the state, storm after storm, year after year®. 

Security First Insurance has been assigned a Financial Stability Rating® (FSR) of A, Exceptional, from Demotech, Inc. and is strongly committed to improving Florida's homeowners insurance market and initiatives that support and protect residents and communities of the Sunshine State.

Follow the company on Twitter (@SecurityFirstFL) or Facebook (facebook.com/InsuringFloridaHomes).

Media contacts:

Gail K. Warner
GKW@GKWCommunications.com
Office: 386.256.3273
Cell: 803.701.0316

Marissa Buckley
MBuckley@SecurityFirstFlorida.com
Office: 386.523.2302
Cell: 386.679.0485

Cision View original content:http://www.prnewswire.com/news-releases/new-innovative-flood-coverage-solution-creates-affordable-alternative-to-national-flood-insurance-program-for-floridians-300689128.html

SOURCE Security First Insurance

View Comments and Join the Discussion!