According to Insurance Journal, in 2018 Insurers reported direct private flood insurance premiums written of $630 million, an increase of $217 million over 2016.
Floods are the #1 natural disaster in the U.S. and our flood program offers both protection and savings for residential and commercial property targeting all A and VE flood zones. Take advantage of NFIP cancellation code #26 and provide your insureds a competitive private flood quote while building your book of business. Cross-sell our Private Flood Program alongside your property policies and generate new clients today!
Situations we specialize in:
- Ability to schedule multiple buildings and properties in one policy
- Additional Living Expense available
- Building limits available up to $5M
- No additional charge for increased Cost of Compliance (ICC)
- Lender approved and compliant with Biggert-Waters Act of 2012
- Applicable to A and V flood zones.
- Shorter waiting periods
- New purchases: no waiting period
- All other properties: 7-10 day waiting period
Common questions about Private Flood Insurance:
When do you require an elevation certificate?
- Our program requires an elevation certificate for risks that are Post Firm, as indicated by NFIP Mapping of zones and when the area entered into their program.
- Pre-FIRM is any building constructed prior to 12/31/1974 or before the effective date of an initial FIRM for a community.
- Post-FIRM applies to new construction and those built after the effective date of the first FIRM for a community.
What additional coverages does your program offer that NFIP doesn’t have? What makes yours better?
- Our program includes options such as:
- Loss of use/Additional Living Expense on primary residential homes
- Lava Flow Endorsement
- Improvements & Betterments Endorsement
Our Private Flood Program does not have required annual premium increases like NFIP
Can your program list multiple buildings in one policy, or are they quoted on an individual basis?
- Our program does allow for multiple properties to be listed on a single Master Policy providing they're owned by the same legal entity.
- Our Dedicated Underwriters can help you take multiple single policies and organize them together onto one policy (including those with different effective dates).
Related blog posts: Five Reasons to Add Flood Insurance