Excess Flood Insurance
As you consider your flood insurance coverage needs, keep in mind the standard flood policy issued by the National Flood Insurance Program (NFIP) does not cover additional living expenses. It means, even if you have coverage, your property may be at risk. FloodWrap private flood insurance is designed to supplement or cover gaps that may exist in NFIP policy.
Is FloodWrap coverage an option for you?
A FloodWrap policy may be beneficial for property owners who want to reduce their financial risk by supplementing an existing policy to cover specific exposures such as outdoor property and basements. Take a moment to evaluate FloodWrap supplemental coverage, which includes:
- Loss of use pays up to $100 per day, not to exceed $2,000 per month or a total of $20,000 per occurrence. It can apply towards reimbursement of Additional Living Expenses or it could be applied towards the insured’s monthly mortgage payment (principal and interest).
- Personal Property & Real Property in basements of Post Firm risks-extends coverage up to $5,000 for each
- Loss Avoidance Measures-up to $1,500 in coverage after primary flood policy limits are exhausted
- Golf Carts-$2,500
- Septic System Pumping–$500
- Additional Property-$2,500 for decks or handicapped ramps
- Optional Excess Building Limits-up to $500,000
A FloodWrap policy is available for residential (1-4 family), owner-occupied properties where the insured resides more than 80% of the time. In addition:
- The underlying NFIP policy must have at least $100,000 in Building coverage and $50,000 in Contents coverage.
- FloodWrap Excess is an optional coverage that can be purchased at the same time as FloodWrap
- Residential Condominium Building Association Policies and Condo units are not eligible.
As a property owner, exploring your flood insurance options enables you to make informed decisions in protecting what matters most-your home, finances and valued possessions.