Click to CallPrimary Flood insurance is a great solution for agents who are looking for simplicity and greater value. Here are some considerations to help you determine whether Private Flood Insurance is the best coverage for your customer’s home:
- Your customer is looking for additional coverages or an alternative to the NFIP product at a competitive price
- Your customer prefers replacement cost coverage for their primary and/or secondary home
- Your customer owns a secondary home and would like to avoid paying a surcharge
HOW PRIVATE FLOOD COMPARES TO THE NFIP
| Private Primary Flood | FEMA NFIP Flood | ||
|---|---|---|---|
| ELIGIBILITY | Eligible Flood Zones | A and V zones | A and V zones |
| TYPES OF DWELLINGS |
Pre-FIRM and Post-FIRM Single family homes and 2 to 4 family homes Primary and secondary with replacement cost coverage |
Single family homes and 2 to 4 family homes Primary with replacement cost coverage, secondary homes on actual cash-value basis |
|
| COVERAGES | Building Limit | $800,000 | $250,000 |
| Contents Limit | $250,000 | $100,000 | |
| Food Spoilage | $500 | Available under certain conditions | |
| FlexCash | $10,000 There are no restrictions on how the payout can be used |
Not available | |
| APPLICATION PROCESS AND PRICING | Waiting Period | No waiting period for loan closing and NFIP policy rollover, 14-day wait in other scenarios | No waiting period for load closing, 30-day wait in other scenarios |
| Number of Questions | 20 | More than 50 | |
| Eligibility Determination | After 5 questions | After completion of full application | |
| Surcharges | None | All FEMA NFIP surcharges apply | |
| Elevation Certificate | Optional Our proprietary geospatial technology can be used to get the elevation difference in most cases and is available as an option on the Assurant Primary Flood quoting program |
Required for A and V zones | |