Private Flood Insurance vs Federal Flood Program
In Florida, the state allows private insurance companies to compete with the federal flood insurance. I recently recieved a flood policy renewal from the federal program that doubled my premium. I t was easy to find private flood coverage that was half the rate. There are rules on replacement coverage from the government and government policies do not refund or prorate. As an investor and Broker, I would encourage all flood policy owners to watch the renewal rates and bid out to the private companies.
I hope this saves some hard earned money for you.
Broker, MBA, CIPS, SRES, ABR, E-Pro, Registered Representative