Caitlin Nguyen, a licensed Property & Casualty insurance agent with Southshore Insurance Professionals, emphasized the importance of coastal homeowners reviewing their insurance coverage ahead of hurricane season. She made this statement on LinkedIn.
“June 1 marks the start of hurricane season,” said Nguyen, Licensed P&C Insurance Agent, according to LinkedIn. “Now is the perfect time to review your insurance coverage. A quick annual review with your agent can save you a lot of stress and money. Stay safe, stay informed, and let’s make sure you’re truly protected this season.”
According to Investopedia, reciprocal insurance exchanges are unincorporated associations where policyholders, known as subscribers, insure each other and share in the profits and losses of the exchange. This structure provides flexibility and potential cost savings, particularly in high-risk areas like those prone to hurricanes. During hurricane season, reciprocal exchanges can offer tailored coverage options that reflect the collective risk appetite of their members.
Flood damage is excluded under standard homeowners and renters insurance policies. However, flood coverage is available as a separate policy from the National Flood Insurance Program (NFIP), administered by the Federal Emergency Management Agency (FEMA), and from many private insurers. According to a 2023 Triple-I/Munich Re Consumer Survey, 22% of homeowners reported being at risk of flood; among them, 78% purchased flood insurance—35% from a private insurance provider and 43% through the NFIP.
Just one inch of floodwater can cause up to $25,000 in damage to a home. Most homeowners’ insurance does not cover flood damage, making separate flood insurance policies essential for financial protection. FEMA reported the importance of flood insurance to safeguard homes, businesses, and possessions against potential flood-related losses.
According to Insurance Business, in 2023 Florida regulators approved several new reciprocal insurers, including Ovation and Manatee Insurance Exchanges, to offer homeowner policies as traditional carriers reduced their presence in the state. These reciprocals help fill the gap by using a member-focused approach that emphasizes local risk management—especially relevant in high-risk coastal zones. With rising reinsurance costs and volatile weather patterns, the reciprocal model offers a potential path to more sustainable insurance availability.
Nguyen specializes in helping individuals and businesses prepare for events like hurricane season through her work with Southshore Insurance Professionals in the Greater Tampa Bay Area. Her expertise lies in risk assessment, client education, and policy customization. She emphasizes proactive coverage reviews and personalized strategies that reflect the evolving insurance needs of Floridians.
