TAMPA, Fla.--(BUSINESS WIRE)--American Integrity Insurance Group (AI), a premier Florida-based insurance provider, now offers flood insurance for homeowners that provides broader coverage than the National Flood Insurance Program (NFIP) policy, at a lower cost. With the announcement of the new flood insurance endorsement, AI becomes one of less than a handful of Florida-based insurers to offer its own flood program — one of only two that includes a Florida Office of Insurance Regulation (FOIR) certification.
FOIR certification ensures the AI coverage is at least as broad as the NFIP program’s coverage. Many mortgage companies will not accept private flood coverage without this certification, according to Danny Pringle, American Integrity Insurance Group’s Assistant Vice President of Product Development.
Flooding is the most common natural disaster in the U.S. and has the potential to cause an extreme amount of damage in the Sunshine State, where residents are never more than 60 miles from the coast. AIIG launched its flood insurance endorsement to protect Floridians and their homes from this ever-present threat.
Many Floridians mistakenly believe their standard homeowner’s policy includes flood coverage, a costly error that they do not become aware of until after a flood event occurs. According to FEMA, the average paid flood loss for Hurricane Matthew, which raked its way along Florida’s east coast in October 2016, was a whopping $36,475. Homeowners who did not have a flood policy had to fully incur those costs themselves. Most FEMA assistance comes in the form of a loan that must be repaid to the government.
“American Integrity closely studied the NFIP product while developing our program,” Pringle says. “By identifying some of the challenges in that program — including its risk selection and rating constraints — we were able to create an actuarially sound product that provides broader coverage and costs less than the NFIP policy.”
AI’s flood endorsement is designed for use with the company’s non-coastal home, condo, vacant, and rental properties. Some key differences between AI’s flood endorsement policy and an NFIP policy include:
American Integrity’s endorsement offers one deductible for both
structure and contents, while the NFIP policy has two separate
deductibles for structure and contents.
- Unlike the NFIP, AI requires no waiting period for flood endorsement customers.
- AI rates are up to 15 percent lower than NFIP policy rates.
- Additional Living Expense (ALE) of up to $5,000 is included in AI’s plan. If a home is unlivable due to a covered loss, AI’s ALE covers expenses incurred by homeowners to reside elsewhere while their home is being repaired. NFIP policies do not offer this important coverage.
Flooding is a constant threat to Florida homeowners, one that is especially heightened during hurricane season, according to Bob Ritchie, President and CEO of American Integrity.
“Wind versus (rising) water damage can be particularly confusing for homeowners,” Ritchie says. “Standard home insurance policies do not cover storm surge or rising water resulting from a hurricane that causes damage to a home.”
“Our customers who choose to purchase this endorsement will never have to worry about that again; they’ll have the peace of mind that they’re protected in case of wind and flood water damage. As part of their hurricane preparedness plan, every homeowner should review their homeowner’s insurance and flood policies prior to the start of hurricane season on June 1 to better understand the coverage they have or may need.”
In addition, AI’s flood endorsement, the company launched golf cart coverage and umbrella products in 2017. American Integrity’s golf cart standalone insurance provides liability limits up to $500,000. The umbrella policy provides additional liability coverage over and above the customer’s underlying home, auto or watercraft policy limits.
American Integrity Insurance’s product suite also includes specialized coverage for homeowners, condominium unit owners, manufactured home owners, rental property owners, vacant property owners, as well as other specialized insurance coverages.
About American Integrity Insurance Group (American Integrity)
American Integrity Insurance is the fifth largest Florida domiciled residential property insurer with more than 260,000 customers and represented by more than 900 independent agents. The Tampa-based company offers sound and comprehensive property insurance solutions, including traditional home insurance and coverage for vacant homes, condominiums, manufactured homes, dwelling fire, umbrella, golf cart and X-Wind policies.
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