Insurance firm plunges into new market

TAMPA — HCI Group Inc., a Tampa-based insurance firm, is launching an online flood insurance platform.

The platform, TypTap.com, is a wholly owned subsidiary of HCI Group, according to a statement. It allows policy seekers to get quotes and bind their insurance coverage online.

“TypTap provides a new way for Florida homeowners to buy flood insurance,” Paresh Patel, HCI Group chairman and CEO, says in the statement. “Never before has it been possible to get a flood insurance quote in seconds and purchase the policy in minutes.”

The goal, Patel says, is to establish TypTap as the top alternative in Florida to the National Flood Insurance Program. “Many Floridians face routine price increases and surcharges from the NFIP,” he says. “Our competitively priced flood insurance policies represent one of the few alternatives available.”

HCI Group predominantly works in homeowners insurance but owns other subsidiaries in reinsurance, real estate and information technology. HCI is a publicly traded company through the New York Stock Exchange (symbol: HCI; recent price: $31.16).