Staff Reports
Chief Financial Officer Jimmy Patronis cheered a U.S. Senate vote Tuesday extending the National Flood Insurance Program through Nov. 30, the traditional end date for the hurricane season.
“The extension comes while talk continues about reforming the program,” Patronis said in a written statement.
“Any discussion must include keeping rates affordable for Floridians. As the largest donor state to the NFIP, Floridians shoulder the majority of the financial burden for a much-needed coverage. Insurance market certainty and protecting our taxpayers are essential to reforms, but we must also support and encourage private sector involvement. Florida has been a leader in crafting private market solutions, and a competitive marketplace will help protect our residents at a reasonable cost.”
The Senate vote was 86-12. The House approved the extension last week. Absent action, the program would have expired Tuesday.
Patronis, whose office oversees the state Office of Insurance Regulation, urged homeowners to make sure they’re insured against flooding regardless of whether they live on the coasts.
“As we approach the peak of the 2018 Hurricane Season, a lapse of the NFIP would have a devastating impact on our state,” he said. “Considering that floods in Florida have cost more than $5.1 billion over the last 40 years, Florida families and businesses can’t be blindsided when it comes to flood protection.”
The state has been encouraging private insurers to offer flood coverage, and the number authorized to do so increased by 30 percent between June 2017 and the end of March this year, according to the OIR. The number of policies issued increased by about 50 percent — and usually at priced lower than what the feds offer.
One comment
Jack Davidson
August 4, 2018 at 6:20 am
What does that mean extension of National Flood Insurance Program to me who already pays for flood and content insurance. Explain the benefit to me please
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