Last May Zurich announced that it would fill the gap on flood insurance. Condominiums face a huge problem in that the only place to turn often is the NFIP ( the national flood insurer).
The problem is that they will only cover up to $250,000. More if they consider cover for each unit owner @ $250,000.
There are not enough insurers that cover excess of the NFIP.
Companies and programs for flood have popped up and gone away as fast as they have started. One major claim, or a restrictive reinsurance market, and the opportunity for coverage is gone.
The industry needs more insurers to step up and fill the coverage gap for flood.