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PA Commissioner on Benefits of Private Flood

Pennsylvania Insurance Commissioner Teresa Miller told a statewide gathering of affordable housing advocates private market flood insurance is an increasingly available option to help lower costs for homeowners, and in many cases, it may be more affordable than coverage through the federal government program...
November 22, 2016

Pennsylvania Insurance Commissioner Teresa Miller told a statewide gathering of affordable housing advocates private market flood insurance is an increasingly available option to help lower costs for homeowners, and in many cases, it may be more affordable than coverage through the federal government program. Miller said at the Pennsylvania Housing Alliance’s annual Homes Within Reach conference in Harrisburg, “We are finding in many cases, private flood coverage, especially for homes re-mapped into special flood zone hazard areas which have never or rarely experience flooding, can be much less expensive than comparable National Flood Insurance Program (NFIP) coverage.”

The DOI has a one-stop shop for flood insurance information on its website, and users can click on “Flood” under “Insurance Coverage Resources.” Since the page was created in February, about 15 insurers licensed in Pennsylvania and 40 insurance producers selling what is called “surplus lines” coverage have registered on the site. Miller did caution, however, that homes in high risk areas that experience frequent flooding will likely not be insured through the private market, and need to stay with the NFIP.