This is a stand-alone insurance policy for both personal and commercial clients that is often misunderstood. Confusion about flood insurance is widespread, and it is easy to understand why.
- Am I in a flood zone?
- Spoiler alert – the whole Lowcountry is in a flood zone. The question is if you are in a flood zone where your mortgage holder can require you to buy flood insurance.
- Do I need an elevation certificate… and what is an elevation certificate?
- What is a Base Flood Elevation?
- What is a flood vent?
- Can anything be done about my flood insurance premium?
Flood insurance is a complicated topic and is very subjective. We can answer your questions and break the topic of flood insurance down, so you understand how your property is affected and why.
National Flood Insurance Program (NFIP)
The NFIP is the standard flood insurance policy. It is a federally regulated and FEMA managed program where the rates are the same as long as the correct information is entered. That said, many nuances exist in writing these policies, interpreting elevation certificates, determining if a rate can be grandfathered after a flood zone change. Now effects from the Homeowner’s Flood Insurance Affordability Act (HFIAA) are being felt by all who have these policies. It is important to have an agency who can walk you through it all and explain it in a way that you can understand.
Private Flood Insurance
We have access to a Lloyd’s of London flood insurance program and can check these rates against the National Flood Insurance Program rates to see if it is advantageous to go here for your flood insurance. This flood insurance program is normally accepted to satisfy loan requirements for flood insurance.
Excess Flood Insurance
Primary, federally regulated flood insurance has limits on how much insurance you can buy for your house and your contents.
Building – $250,000
Contents – $100,000
While that is all mortgage companies can require for houses, it is not enough to cover a loss for a lot of houses. This is where Excess Flood insurance becomes an option. It serves as gap insurance for your home in the event of a flood loss.