Evolve Insurance Agency has learned that TypTap Insurance Company has announced they will discontinue their offering of flood insurancein the State of Florida and will be issuing immediate Non-Renewal and Cancellation notices for all Florida-based flood insurance policies currently in place. If you have flood insurance for your Florida home issued by TypTap Insurance Company you will soon be notified via US Mail. If your policy has a renewal date in March or April, you will be issued a Non-Renewal effective the date your current policy expires. If your policy is currently active or has already been issued a renewal offer, then your policy will cancel effective May 31, 2023 at 12:01 A.M. EST provided all outstanding conditions and payments are made by their respective due dates. If you have insurance through TypTap, your insurance agent was notified of this announcement and was instructed to diligently work in offering replacement flood insurance quotes to you and all of their affected customers as soon as possible.
TypTap cited the decreased availability and increased cost of flood reinsurance for their reason for making this decision. In their announcement they also indicated that they will continue to offer Florida homeowners insurance and that this decision does not affect any current homeowners insurance policies in place and issued by TypTap Insurance Company.
TypTap was arguably at the forefront of the rapidly growing Private Flood Insurance marketplace in Florida when the United States federal government passed The Biggert-Waters Flood Insurance Reform Act of 2012 (aka "the Biggert-Waters Act"), which, among other things, required financial institutions to accept Private Flood Insurance Policies as an acceptable flood insurance policy in terms of mortgage underwriting and financing a home loan.
This is never good news for a Florida resident to hear, especially soon after Hurricane Ian caused devestating storm-surge flooding and widespread structural damage less than 4 months ago. Given the current market conditions, this news comes as no surprise to Evolve Insurance Agency who’s ready to take action to keep you and your assets covered. If you are insured with TypTap, or are experiencing other insurance related issues, the time to act is RIGHT NOW. Don’t wait until it’s too late - request a quote today by visiting our quote request page in the upper right-hand corner of this page or give our office a call at 941-244-2760. We’ll go to work right away on getting your flood insurance coverage secured with a reputable insurer.
David Kronk Jr.,
Owner, Evolve Insurance Agency
Photo Credit: Pok Rie of Pexels