Welcome to the Florida Flood Insurance Blog. We will be tackling issues surrounding flood insurance litigation, the flood insurance crisis, flood insurance lawsuits and all other relevant points of interest in the world of flood insurance.
Why is this important? The National Flood Insurance Program is broken. The NFIP has been broken for a long, long time. Congress is supposed to authorize a fix by the end of July 2018 but are you going to trust the political system in today’s climate (editor’s note: this blog has no political leanings one way or another, although we can all agree that Washington is dysfunctional as ever)? No, you won’t.
Quite frankly, the ship has already set sail toward a destination in which private flood insurance dominates the marketplace and the NFIP is stranded. This will take time – perhaps years, or even decades – but private insurers estimate that this is a $40+ billion market nationwide. Not only is it a guarantee that insurance companies will capture market share in order to increase revenue, it only makes sense to allow the marketplace to step in, where a government program has completely failed.
In Florida, 24 private companies are now authorized to write flood insurance policies. This burgeoning market is poised to explode shortly.