The National Flood Insurance Program (NFIP) regulates insurance agencies as well as the cost of insurance. They also deal with many of the flood damage claims that come in. In most states, you can purchase flood coverage through the same company that sells homeowner’s insurance, but in states where this is not available, the NFIP is there to help. However, many times, the insurance offered by the NFIP is inadequate in the event of a major flood. For this reason you will want to cover yourself with extra water damage coverage insurance.
Excess flood insurance is coverage for above and beyond the NFIP maximum set amounts. When you purchase primary insurance through the National Flood Insurance Program, you will be insured for a maximum of $250,000 for your home, $100,000 for the contents, and $500,000 for businesses. While this amount is typically adequate for modular homes and single-story houses, larger homes could be far more expensive. With these more expensive homes, $250,000 might make a large dent in the cost to cover minor flood damage, but in the event of severe damage or total loss, homeowners could be paying quite a bit out of pocket. This is why getting more insurance is important.
With excess flood insurance, you can be insured for far more than the NFIP maximums, enough to cover the cost to rebuild your entire home and replace its contents. This type of flood coverage is generally purchased through an excess and surplus carrier, though some insurance companies carry it to build more business, rather than to risk having you take all your water damage insurance needs to a separate entity.
Getting extra insurance is a good idea if you own a home, property, or business that is valued higher than the NFIP maximum amount for insurance coverage. Excess flood coverage is available for anyone in a “flood zone” where flooding is frequent and highly likely. With it, you don’t need to worry about cost after a flood hits, which is a big selling point; getting to be worry free even in the face of disaster.
Mac Rousinburg found AM Flood agents to be very helpful when researching flood insurance companies. He obtained a flood insurance quote over the phone for his home and its contents, as well as his small business, at a very competitive price.
There are no posts related to Be Protected - Obtain an Excess Flood Insurance Quote.
Leave a Reply