Why some Tampa Bay property insurers are offering flood coverage and others are not

One of the largest property and casualty insurers in Tampa Bay is putting a big bet on flood insurance as a line of business that will grow its bottom line.

HCI Group Inc. (NYSE: HCI), through its Homeowners Choice and TypTap subsidiaries, is among a handful of companies offering private flood insurance to homeowners, and in some cases businesses, amid rising demand for affordable coverage.

Flood insurance covers physical damage to property and possessions caused by hurricanes, tropical storms…