flood insurance tips
Excess Flood Insurance Market
Excess Flood Insurance Market
A question we get asked is, what is the excess flood insurance market? The answers depend on our clients' situations. Excess flood insurance is for homes that cost more than $250,000 to rebuild after a flood. Excess flood insurance can work alongside the federally backed NFIP. We recommend purchasing excess flood insurance for those living in high-risk flood areas.
Most homeowners do not need additional flood insurance. They can purchase regular flood insurance through the NFIP or a private insurance company. If the value of your home is less than $250,000 and you don't own high-valued items, you may prefer to get your flood insurance through the NFIP, which costs less than private flood insurance.
Coverage in the excess flood insurance market includes loss of income, alternative living expenses for when your home is under repairs, and costs of flood prevention such as sandbags. Other expenses, such as structural repair and replacement, essential systems, and personal property, are also part of excess flood insurance. Items stored in basements may not be included as they are more likely to be damaged during a flood. Each private flood insurance company has different policies, so checking with them before purchasing flood insurance is best.
For more information on the excess flood insurance market, visit our website or call us at (540)809-1415. Contact Holt Flood Insurance today. We will answer any questions you may have.
Here is what our clients are saying about us:
We contacted Mr. Holt for an estimate via email over the weekend prior to a closing on a property, hoping for a response on the following Monday to take with us with confidence in being insured at the settlement table on a Tuesday. He exceeded our expectations not once but in readily responding to the initial request and then to follow-up questions all during the weekend frenzy that occurs before closing. "Impressive and responsive customer service," for sure!
I have no problem giving you an A1 reference for taking care of the flood policies for me and Diane. I appreciate you working with the mortgage company: the surveyor and our previous agent. The result was a 75% reduction in our flood insurance premiums!
I have known Tim for many years and he is a man with great integrity, work ethic and one of the nicest persons I know. Over the years Tim has provided insurance counseling and advice to our company, for myself personally, as well as to our clients. Recently Tim, took time to analyze our flood insurance policy and he was able to make some excellent recommendations. Our flood insurance costs are now less and we have much better coverage. I recommend Tim to anyone without hesitation or reservation.
We'll help you:
Lower your current flood insurance premiums
Eliminate excessive & unnecessary coverage
Remove the FEMA from the claims handling process
