|[January 23, 2014]
Homeowners Choice Becomes First Carrier to Offer Flood Insurance in Florida
TAMPA, Fla. --(Business Wire)--
Homeowners Choice Property & Casualty Insurance Company, Inc., a Florida
based provider of homeowners insurance and wholly-owned insurance
subsidiary of HCI Group, Inc., announced at a press conference it is the
first admitted homeowners insurance carrier to provide flood insurance
in the state of Florida since the advent of the Biggert-Waters Flood
Reform Act of 2012.
To mark the milestone, Homeowners Choice's executive chairman, Paresh
Patel, signed the company's first flood coverage policy. Homeowners
Choice's client is Mr. and Mrs. Joseph Chapman of Seminole, Florida. The
Chapmans purchased the home in 2013 under the new laws; the family's
flood coverage in 2013 was approximately $9,700. Their 2014 premiums are
scheduled to total $57,000. Homeowners Choice is issuing the policy for
a total of $9,693, which includes both homeowners and flood coverage.
Many Florida residents have seen a substantial increase in their flood
insurance premiums as a result of the Biggert-Waters Flood Insurance
Reform and Modernization Act of 2012. In December 2013, Homeowners
Choice was approved by regulators to add an endorsement to its policies
to include flood coverage. The carrier's established rate for flood
coverage is expected to be similar to the rates being offered prior to
the new laws. New and preexisting Homeowners Choice customers are
eligible to receive flood coverage. However, customers must hold a
homeowners isurance policy with the company.
"Our policyholders were our top priority as we made the decision to
offer flood insurance," said Paresh Patel, Homeowners Choice's executive
chairman. "We want to try to help our customers who were hit hardest by
hefty rate increases under the National Flood Insurance Program."
Homeowners Choice has launched a Flood Hotline (844) HC-FLOOD or (844)
423-5663 where it will field questions from current and potential
customers. The company will also answer questions on its website www.HCFLOOD.com.
Admitted and Non-Admitted Insurance Companies:
A Florida admitted carrier is an insurance company licensed by
the State of Florida to transact insurance in the state of Florida.
Admitted carriers, or standard carriers as they are often referred to,
are highly regulated by the Florida Office of Insurance Regulation. They
cannot change rates without the approval of the state regulators and
their policy forms and endorsements must be approved as well.
About Homeowners Choice:
Headquartered in Tampa, Florida, Homeowners Choice provides property and
casualty homeowners' insurance, condominium owners' insurance and
tenants' insurance to Florida property owners. Homeowners Choice serves
approximately 170,000 policyholders throughout Florida. Homeowners
Choice is a wholly owned subsidiary of HCI Group, Inc., a New York Stock
Exchange listed company whose common shares trade under the ticker
symbol "HCI." For more information about Homeowners Choice, visit www.hcpci.com.
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