The basic NFIP policy only covers a maximum of $250,000 on a private Dwelling, $500,000 for a Commercial Building or $250,000 per unit on a Condominium Association Master Policy.
Our Excess Flood program can provide up to $10,000,000 of additional excess coverage on private homes and up to $20,000,000 on commercial and condo buildings. Higher limits can be obtained if needed.
The premium can be quite competitive depending on the type of building and other factors.
A commercial building for Excess Flood limits of $900,000 at a premium of $4,431.
A private residence for $2.2M Building and Contents, total limit, for a premium of $8,200.
During a hurricane, homes that are severely damaged or swept away by the ensuing storm surge can be denied coverage by the Homeowner’s carrier. At best, the HO policy will pay the proportion that an engineer can attribute to wind damage, often basing that determination on the damage sustained by surrounding buildings that were not destroyed by the flood.
That is not the time to remind the insured that their NFIP policy was issued for the maximum coverage and there was no excess coverage to insure their expensive property up to the full replacement value.
Protect your client and your agency.
MacNeill Flood Department – 800-432-3072 Ext 4884