Cabrillo Coastal Launches Flood Coverage Endorsement for Florida Homeowners

Cabrillo Coastal General Insurance Agency, headquartered in Gainesville, Fla., is now offering a flood endorsement for new or existing homeowners policies for their admitted programs in Florida.

Cabrillo’s flood product was built from a different rating structure than the National Flood Insurance Program (NFIP) and is designed to make flood insurance more available and affordable to customers.

According to the agency, the new flood endorsement is broader than the NFIP’s coverage and comes with additional features and fewer restrictions common in most private flood insurance offerings.

Key benefits include dwelling coverage up to the full value of policy limits, losses using only a single deductible, no wait period, and binding in Coastal Barrier Resource areas. The coverage is available through Cabrillo Coastal’s Florida-based carriers – Safe Harbor Insurance Co. and US Coastal P&C Insurance Co. – and losses are reinsured by Swiss Re, which also helped design the product.

Minimum premiums start at $100 with limits available up to the underlying limits of the policy. The company said coverage will eventually be expanded into a few other states where Cabrillo Coastal does business, including South Carolina and New Jersey.

Cabrillo Coastal has been selling property insurance since 2006, including homeowners, mobile home, condominium, dwelling fire, and mobile home dwelling products.