We have some exciting news to share with you regarding recent changes in flood insurance requirements for condominium unit-owners in Florida. At EnsureUp, we strive to keep you informed about important developments in the insurance industry. In this blog post, we will outline the key details of the recent update from Citizens, our trusted insurance partner.
Changes in Flood Insurance Requirements: Citizens, a leading insurance provider, will be implementing changes to comply with the latest Florida legislation. The following Personal Lines condominium unit-owner policies will no longer require flood insurance, even if they are located in special flood zone hazard areas:
- Citizens Homeowners 6 – Unit-Owners Form (CIT HO-6)
- Homeowners 6 – Unit-Owners Wind-Only Form (HW-6)
- Dwelling Property 1 – Unit-Owners Basic Form (CIT DP-1C)
- Dwelling Property 3 – Unit-Owners Special Form (CIT DP-3C)
Implications for Existing Flood Insurance Policyholders: For those who already have flood insurance from the National Flood Insurance Program, you now have the option to cancel your policy before the effective date of the flood coverage. However, please note that once the new policy takes effect, you will not receive a refund for any flood insurance premiums paid. We encourage you to visit the FEMA website for more detailed information and guidance on this matter.
Staying Updated: As these changes progress and become law, we will continue to keep you informed every step of the way. Look out for further communications from us regarding this development and any related modifications that may arise. Rest assured, our team is dedicated to providing you with the most up-to-date information and guidance.
Rescission of Nonrenewal Notices: Clients who previously received nonrenewal notices due to the previous flood insurance requirements can breathe a sigh of relief. The notices will be rescinded, ensuring uninterrupted coverage and peace of mind for your valuable assets.
Conclusion: At [Your Insurance Agency Name], we understand the importance of staying informed about changes in the insurance landscape. These recent updates from Citizens regarding flood insurance requirements for condominium unit-owners in Florida reflect our commitment to providing you with the best coverage options available. As always, our team is here to address any questions or concerns you may have regarding your insurance needs.
For additional information and resources, please refer to the following:
- Personal Lines Bulletin: Flood Insurance Requirements for Citizens’ New Business
- Personal Lines Bulletin: Flood Insurance Requirements for Renewal Eligibility
We value your partnership and are dedicated to serving as your trusted advisors. Thank you for choosing EnsureUp.
Disclaimer: This blog post is for informational purposes only and should not be considered legal or financial advice. Please consult with a professional insurance agent or attorney for specific guidance pertaining to your individual circumstances.