A: Flood insurance is a type of property insurance that covers a residence for losses from water damages, usually due to extreme weather, groundwater builds up, or other causes of floods.
A: No, flood insurance coverage is different from Homeowner’s insurance and what is covered differs. Check your Homeowner’s insurance provider to be sure, but typically flooding is not covered.
A: Flood insurance can be either purchased through the National Flood Insurance program/FEMA or directly from private carriers. They are the same policy, underwriting, and claims adjusting. There are sometimes extra coverages that the Private Market can add to their policies that are not available through NFIP. The rate is typically a lot lower.
We have seen quite a few premium decreases in our area.
A: The limits are the same as NFIP. The maximum available limits are $250,000 for a home and $100,000 for contents. The coverage for maximum commercial property is $500,000.
You can purchase Additional Living Expenses through the Private Market.
You can also purchase “Excess” limits over and above the $250,000 or $500,000. In the Private market, we can write up to $2,000,000 on a home and $5,000,000 on a commercial building.
A: No, not necessarily. Federal Disaster Assistance is only available when a Presidential Disaster Declaration is declared. Most flooding events do not result in this declaration. If it is declared, the aid is commonly a form of low-interest disaster loans that must be repaid.
A: Yes, we offer policies that can be more than 50% less in some cases. Our agency represents over 25 Private Flood Markets.
A: PMFI policies are the same policy as NFIP - and better. You can add Additional Living Expense/Loss of Use to some PMFI policies. This coverage will help pay for any additional living expenses you have after a loss, such as staying in a hotel for a month while your home is being repaired.
A: In most cases, there is a 30-day waiting period. In the Private Market, the policy will go into effect 15 days from the date of application. If you are buying a home and have a bank loan, there is no waiting period.
A: Simply contact us and we will happily help you through the process.
A: We have seen rates 25-75% lower than NFIP. However, we do run into situations where NFIP is a better option.
A: Policies are placed with and are underwritten by select insurance carriers who have maintained an AM Best financial rating of no less than “A or A-” (Excellent).
A: No. At this time the NFIP does not offer mid-term cancellations.
A: Several reasons…
KNOWLEDGE: Not every agent is well-educated in flood insurance. This stuff is not easy. We have learned from the greatest minds in the industry.
MARKET: We have over a dozen markets that we use to find the best policy at the best price.
INCOME: Agents simply do not want to reduce their income. Half the premium for half the commission equals huge losses to agent income. For us… it is all about saving people money. The savings that we are seeing are incredible. We saved a non-profit business $23,000 on their policy. Imagine losing that commission. Now imagine what that non-profit can do with an extra $23,000!
PASSION: Nothing makes our day more than to save a homeowner or business thousands of dollars, or help a real estate agent finally sell a coastal property, or help a homeowner afford to buy their dream home on the water, or allow an elderly couple to keep their home because they can afford the flood insurance. This is why we get up every day. We love what we do and love seeing the faces of the people that we help. This is why many real estate agents have our phone number on speed dial.
A: Well, where do we begin….
A: There are a few types of floods: Coastal, River, Drain/Sewer, Groundwater, and Flash Flooding
A: Floods can be extremely damaging, costing billions worth of damages in the U.S. alone. They can compromise the structural integrity of your house and destroy the items in it. Flood waters usually contain mud, sewage, bacteria, and toxins, which pose a grave threat. Even after the water has subsided and is gone in your house, mold is likely to occur due to walls, furniture, and other items being soaked.
A: Floods can happen anywhere, even if you are in a low-risk flood zone. In the past 5 years, all 50 states have experienced a flash flood. Some areas are at a higher risk than others.
A: Though having flood insurance is a great start, there are other precautionary methods you can practice helping even further: