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Obtaining An Excess Flood Insurance Quote Can Give You Piece Of Mind
By Mac Rousinburg
The price of flood insurance, and additionally flood agencies, are regulated by the NFIP, or the National Flood Program. They process a lot of flood damage claims. Normally flood is available from the company from which you obtain your homeowner's insurance, but if this type of policy is not available in your state, contact the NFIP. Unfortunately, if a major flood occurs, the obtained through the NFIP will more than likely be insufficient. This is why you should have excess flood insurance.
Excess flood covers you for more than the NFIP maximum amounts. Primary flood available through the National Flood Program provides a maximum of $250,000 in coverage for your home, $100,000 for the contents, and $500,000 for businesses. This amount is sufficient to cover modular and single story homes, but it could be far more to insure a larger home. For a more costly home, $250,000 might help pay for minor flood damage, but would fall short of covering severe
damage or total loss. For that reason, flood over and above what is needed is sometimes bought.
Excess flood insures you for higher than the NFIP maximums, and gives you enough to cover the price of rebuilding your home and replacing the contents. Normally you can purchase excess flood from an excess and surplus carrier, but it may be available through some flood companies that offer it to garner more business and to keep customers from seeking flood elsewhere.
If you own real estate that has a higher value than the maximum amount provided by the National Flood Program, it is wise to obtain excess flood insurance. Any property located in a "flood zone" where flooding occurs frequently and/or is highly likely to occur, is eligible for excess flood insurance. If you have excess flood insurance, should a major flood occur, you will not have to worry about paying large amounts of money out of pocket. This can give you some peace of mind.
When researching excess flood insurance, Mac Rousinburg found AM Flood agents to be very knowledgeable. He learned that his property was in a high risk 100-year flood zone and was able to get a flood insurance quote quickly at a reasonable price.
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