New Flood Insurance Marketplace Launches In Florida, As State Implements New Coverage Requirements | Insurify

HoneyQuote has launched a flood insurance marketplace, offering Florida homeowners another way to purchase coverage.

The Florida-based digital insurance agency's newest product comes as many Floridians face a new flood insurance mandate from Citizens, the state's property insurer of last resort.

Citizens now requires homeowners with $500,000 or more in dwelling coverage from the insurer to purchase a flood insurance policy to maintain their home and wind coverage. The new mandate took effect Jan. 1 and is part of a phased rollout from Citizens. The insurer will eventually require all policyholders to purchase flood insurance starting in 2027, regardless of dwelling coverage level.

More than 900,000 Floridians currently insure their homes through Citizens.

HoneyQuote hopes its quote tool can help Florida homeowners compare coverage options online.

"With flood insurance requirements tightening and storms becoming more severe, homeowners need a simple and reliable way to get covered," Freddy Seikaly, CEO of HoneyQuote, said in a press release. "Our flood insurance marketplace empowers Floridians to shop, compare, and secure affordable policies without the stress of navigating a complicated process."

Where Floridians can shop for flood insurance

Florida homeowners can purchase flood insurance through the National Flood Insurance Program (NFIP) or from some private insurance companies.

To secure coverage through the NFIP, homeowners can either contact participating flood insurance companies directly or use the NFIP's online quoting tool to find coverage.

Homeowners can buy coverage through the NFIP only if they live in a participating community that follows FEMA guidelines to lower the risk of flooding in the area.

Florida has 1.7 million NFIP policyholders and more than $450 billion in total coverage, according to an NFIP report from 2024.

Some homeowners in high-risk flood areas may also be required to purchase flood insurance to meet the requirements of their government-backed mortgages. Homeowners who don't qualify for coverage from the NFIP but still want flood insurance must look into options directly from private insurance companies.

Insurify reached out to the Florida Division of Emergency Management for comment but didn't receive a response.

What's next? HoneyQuote's place in the market

Though it's not Florida's first quote-comparison tool for flood insurance, HoneyQuote has a unique existing footprint in the state's property insurance market.

HoneyQuote launched in 2019 and claims to have insured more than $1 billion in property value since then. The startup sold a majority stake to NSI Insurance Group in 2024.

HoneyQuote's flood insurance tool features quotes from private insurance companies, including some that offer "write your own" policies from the National Flood Insurance Program (NFIP).

Florida homeowners can receive a list of quote options from multiple insurers by entering their address into the HoneyQuote platform.

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