ORMOND BEACH, Fla. – April 10, 2014 – The availability of private flood insurance in Florida has grown again this week even after the passage of a law to bring down rates for many homeowners.

Ormond Beach-based Security First Managers announced Tuesday it will offer primary flood coverage up to $500,000, twice the policy limit in the National Flood Insurance Program.

Pricier excess coverage for luxury homes also is available up to $5 million.

The new offering comes from a partnership with Ironshore, a New York insurer that already provides excess coverage in Florida using Security First as its agent.

Rates will be competitive with the federal program, company officials said.

The move appears to demonstrate a long-term interest from private companies in jumping into the flood insurance market.

Copyright © 2014 the Tampa Tribune (Tampa, Fla.), Josh Boatwright. Distributed by MCT Information Services.

Reprinted with permission. Florida Realtors®. All rights reserved.