View this article online: https://www.insurancejournal.com/news/southeast/2023/08/24/737718.htm
Citizens Property Insurance Corp., Florida’s residual but still-largest property insurer, has posted new information about when and where flood insurance is required for policyholders.
The Florida Legislature last year approved Senate Bill 2A, making big changes to laws governing claims litigation and requiring most Citizens’ policyholders to also obtain flood insurance within three years. The idea, supporters of the bill said, was to help push homeowners back to the primary market and help protect Citizens from legal disputes over wind-versus-water damage.
This year, lawmakers revised the law slightly to exclude policyholders who own condominiums on upper floors.
The bulletin from Citizens, posted Aug. 22, explains the phase-in of the flood requirement:
The insurer said it will soon send more information to agents, including a list of their affected policies.
The recent bulletin can be seen here, and on the Citizens website.
Related: Significant Community Flood Insurance Discounts Are Available
Related: FEMA Releases New Flood Insurance Rates by ZIP Code. Brace for Impact.