Have you been told by your mortgage company that you are in a flood zone and need flood insurance? If so, you should know that you have a choice. You may get your flood insurance from FEMA National Flood Insurance. OR you may get private market flood policy. What’s the difference?
Private market flood is often less expensive
Private market insurance can often be less expensive than FEMA insurance. Also, policy holders that have allowed their policies to lapse and those homeowners with incredibly high premiums due to age of home or low elevations will also find that often Private market insurance rates are lower.
Private market flood covers even more.
A Private Market Flood policy is just as broad, and covers JUST as much as a FEMA National Flood Insurance Policy. It often has the same claims adjusters as FEMA policies. Additionally, higher coverages for the building and personal contents may be available with Private market flood (FEMA limits at about $250K in coverages and Private goes up to $500K).
Reputable underwriter for Private Flood.
Underwritten by certain underwriters at Lloyd’s of London (A rated by AM Best).
Elevation certificates not needed.
Also, it typically does not require any sort of documentation, such as an elevation certificate.
Same day policies may be available.
Private flood is fast. Often private flood is faster, often with only a 14 day wait (except for loan closings, which require NO wait)! That’s over 2 weeks less than FEMA’s standard wait time.
Want to discuss private flood in more detail?
We’d been able to put many clients with a private flood alternative, saving them from the more expensive Federal premiums. We’d be happy to run a quote for you and see what you may be able to save. We are available at 603-273-0953 or www.keslarinsurance.com
