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Private Flood Insurance Options Continue to Expand in Fla.

Security First Managers announced this week it will offer primary flood coverage up to $500,000twice the policy limit of NFIPto Fla. homeowners.

By staff Writer | Updated on April 10, 2014
(AP Photo/Dave Martin)

Security First Managers announced this week it will offer primary flood coverage up to $500,000—twice the policy limit of NFIP—to Fla. homeowners, reports The St. Petersburg Tribune. Rates will be competitive with the federal program, company officials told the Tribune.

Previously, private insurance has mostly been limited to high-value policies in excess of the federal program’s $250,000 limit for structure and $100,000 for contents, says the Tribune. Security First doubled those limits and combined flood and wind hazards so customers don’t have to file separate claims after a major storm event. The policy may be attractive, especially to owners of older second homes who will get no relief under the law passed by Congress last month, says the Tribune.

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