[Restrain]

We aren't in a flood area, but with so many here in such areas, here is an alternative to FEMA coverge

Lloyd's of London dramatically lowers its flood insurance rates in Florida | Tampa Bay Times

[expatCA]

Originally Posted by Restrain

We aren't in a flood area, but with so many here in such areas, here is an alternative to FEMA coverge

Lloyd's of London dramatically lowers its flood insurance rates in Florida | Tampa Bay Times

Very good news

[dothetwist]

If our flood insurance was as high as most of those quoted in the article, I'd try private insurance. But ours is around 1K a year and frankly, as bad as FEMA is, they will ensure that their underwriter pays off in case of a flood. I worry that a private company can just go belly up if there's a catastrophic event involving tens of thousands of homes in one hit.

Also, private insurance companies can RAISE rates as well as lower them. So if they raise rates dramatically and you want to go back to FEMA's underwriters, it's my understanding you have to go through a whole lot of red tape to get back into the public insurance sector.

But yes, if we ever find ourselves with 10K plus in annual premiums, I can see going private, or going naked, as they say.

[deb18]

Our flood was going to be 9000 with fema. We went with lloyds 2 years ago and it was initially 1800 and now it's down to 1400. Lloyds is very well known and has been around since 1688 and doesn't look like it is going to go belly up soon

[blueherons]

Lloyds will not go belly up. They are the granddaddy of all the insurance companies.

[Thundarr457]

Originally Posted by blueherons

Lloyds will not go belly up. They are the granddaddy of all the insurance companies.

Of course they won't go belly up but if there is a massive loss from a Hurricane there is nothing to prevent them either raising rates significantly or leaving the state altogether.

[expatCA]

Originally Posted by Thundarr457

Of course they won't go belly up but if there is a massive loss from a Hurricane there is nothing to prevent them either raising rates significantly or leaving the state altogether.

And if a major Hurricane does not hit for another 10 years, the FEMA rates will still go up.

[Restrain]

Remember with FEMA you are paying for Sandy, etc. FEMA rates are national and its in the hole big time so you are paying to recoup past losses, not paying for possible future risks.

[tamiznluv]

I heard Llyod's is one of the many insurance companies that is not...um, can't remember the word by it means the same as "vested". This tv show/article said not to pay your hard earned money because you will be sorry if you file a claim.

Just passing on info I recently heard.

[Restrain]

Don't be confused with Lloyd's of London and the "Lloyd's" companies in regulated insurance states. Te "Lloyd's" companies are unregulated subsidiaries of major companies. Lloyd's of London is a world-wide mega insurance company that insures everything from movie star legs to mega-tankers plying the ocean.