Could Private Flood be a Smart Alternative to NFIP?

The NFIP was extended last week as part of broader government funding legislation.  The U.S. Senate and House of Representatives were able to pass a continuing resolution to fund the government through March 23. The funding measure includes a temporary NFIP reauthorization also through March 23 as deliberations over a longer-term reauthorization and reforms continue.

The private flood market has grown an estimated 25-30% during the last year and continues to grow as more agents contract to write private policies in preparation short-term NFIP extensions and lapses. In the event of any future disruptions to the NFIP, you can continue to write new business in the private flood market.

IIAT Advantage partner Assurant has a suite of Assurant Private Flood products for residential, condo and commercial properties.

Assurant Primary flood insurance is a solution for agents who are looking for simplicityassurant-tmb-thumbnail and great value. Here are some considerations to help you determine whether Assurance Primary 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.
  • Building values up to $800,000, contents limits up to $250,000
  • Food spoilage – $500
  • Flood Expense coverage – $10,000
  • Only 20 questions on the application, in lieu of the more than 50 for NFIP
  • No surcharge

Assurant is one of the charter members of the NFIP Write-Your-Own program and one of the first Fortune 500 companies to bring private flood products to the market. Assurance understands the complexities of the flood space and can help you navigate the changing landscape.

For more information about this program contact Polly Middlebrook at 512.493.2425 or pmidd@iiat.org

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