Citizens Property Insurance Corporation has introduced a mandate for personal lines policyholders with property replacement costs of $500,000 or more to acquire flood insurance. Credit: r.classen/Shutterstock.

HoneyQuote, an online marketplace for homeowners’ insurance, has expanded its offerings to include flood insurance as Florida homeowners face new mandatory requirements.  

Through HoneyQuote’s platform, users can now compare flood insurance quotes from various private carriers. 

Citizens Property Insurance Corporation (Citizens) has introduced a mandate for personal lines policyholders with property replacement costs of $500,000 or more to acquire flood insurance.  

Set up by the Florida Legislature in August 2002 as a not-for-profit government entity, Citizens aims to offer property coverage to eligible Florida policyholders who are unable to find coverage in the private market. 

HoneyQuote CEO Freddy Seikaly said: “With flood insurance requirements tightening and storms becoming more severe, homeowners need a simple and reliable way to get covered. Our flood insurance marketplace empowers Floridians to shop, compare and secure affordable policies without the stress of navigating a complicated process. We are putting control back into the hands of homeowners when they need it most.” 

HoneyQuote chief insurance officer Justin Zemaitis said: “Florida homeowners are now navigating a rapidly changing insurance landscape. By partnering with leading private insurers, we are providing tailored flood insurance options that empower residents to make informed decisions about protecting their homes.” 

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This directive is part of a gradual implementation strategy that will eventually encompass all Citizens policyholders by 2027, irrespective of property value. 

Non-compliance with the flood insurance requirement could lead to the revocation of Citizens coverage, leaving homeowners vulnerable or compelled to seek costlier alternatives.  

The urgency for coverage is underscored by the recent surge in flood risks in Florida, highlighted by the destruction wrought by Hurricanes Helene and Milton.  

St. Petersburg experienced unprecedented rainfall of more than 18in due to Milton, while Naples faced storm surges reaching 6ft. 

Additionally, updates to federal flood maps have reclassified tens of thousands of properties into high-risk zones, necessitating flood insurance for many homeowners for the first time.  

In September 2024, HoneyQuote collaborated with insurtech company Bindable, offering Florida homeowners additional insurance options through Bindable’s comparison platform.