New Insurance Policy Law Aims To Clarify What Isn't Covered
Insurance companies must include bold font text detailing what they do and do not cover, thanks to new law.
Homeowners insurance policies must include in 18-pt. bold font, a statement that coverage doesn’t include flood insurance. The text must also point out it can be purchased separately.
“That bill was again meant to provide more awareness, bigger, bolder font make sure its explained to the consumer that homeowners insurance does not cover the peril of flood that takes a separate flood insurance policy," says Florida Association of Insurance Agents President Jeff Grady.
The law also mandates similar warnings for health, sinkhole, life and other types of insurance policies.
Florida has nearly 1.8 million federal flood insurance policies, the most in the country.
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