NFIP Head: All Floridians Need Flood Insurance
During an insurance conference in Miami Beach on March 5, Roy Wright, CEO of the Federal Emergency Management Agency’s National Flood Insurance Program (NFIP), said that all property owners in Florida need flood insurance. The program covers more policies in Florida than any other state. Wright cited Hurricane Irma as the latest example of a massive storm hitting the state. According to Wright, as Irma approached Florida it was carrying hurricane-force winds that extended 140 miles, which is nearly the entire width of the peninsula.
Wright outlined a plan to strengthen the troubled federal program that is crucial to Florida’s real estate industry. The program plans to increase its enrollment by 100 percent over the next five years and significantly increase its purchases of reinsurance and catastrophe bonds.
The head of the NFIP said if you’re a homeowner in Florida relying on flood zone maps to decide whether to buy insurance, you may want to check your driver’s license instead. “If it says Florida, you need flood insurance,” said Wright. “It may be more helpful than trying to find the right [flood] map.”