National Flood Insurance Program vs. Private Flood Markets

INational Flood Insurance Program vs. Private Flood Marketsf you are like many other Floridians, the cost of flood insurance is always on your mind. Coastal areas of Florida already face high flood insurance premiums, but with more increases on the horizon, it helps to have a trusted advisor there to answer questions.

We encourage our flood policyholders to renew without a lapse in coverage. Once a policyholder leaves the National Flood Insurance Program (NFIP), there is a 30-day wait to return. In addition, if you considered leaving the NFIP to be rewritten with an insurance company that is not a recognized NFIP insurance company, your status with the NFIP is broken. For instance, if you went to a UK market for flood insurance this year and later  wanted to return to the NFIP program, your flood insurance premium would be based on current actuarial rates and any revised flood maps would be used. This could result in a drastic premium change for the policyholder. Not all Private Flood Insurance markets are equal. It is important to review the policy forms since private flood insurance policies are not guaranteed to renew like the NFIP. Finally, the lender does not always accept private flood insurance.

Speak to one of our Personal Insurance Advisors to learn more about what is right for you and your home. Call us today at 727-522-7777.

 

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