Great news! FHA (Federal Housing Administration) must accept private flood insurance beginning on December 21, 2022. Now, homeowners with FHA loans will be able to take advantage of the private flood insurance rates. Private flood rates can be up to 40% off the NFIP required flood policy rates.
With deductibles no higher than the specified maximum amount under a standard National Flood Insurance Program (NFIP) policy, Beyond Floods flood insurance through Lallis & Higgins Insurance offers many options for deductibles.
NFIP still only offers a maximum building limit of $250K for residential and $500K for commercial. The only time NFIP offers replacement cost on building coverage is for a primary single family home that is lived in by the owner 80% of the year with coverage 80% to value or max limits of the program. All other building coverage is actual cash value. Contents coverage is always actual cash value with the NFIP. The private market offers broader coverage options, increased limits and single deductibles. Some of those broader coverages are often a la carte so if you need them you can buy them and if you don’t you aren’t paying extra for unused coverage. Some examples are simple coverages can be loss of use, replacement cost for contents and other buildings on your property like a shed or detached garage (used for parking or storage). With NFIP other buildings coverage is only 10% of the dwelling coverage and is included as part of the dwelling coverage.
Here are some other great benefits of Beyond Floods Floor insurance:
- Limits up to $1.5M for dwelling and up to $750K in contents coverage. Again, NFIP still only offers a maximum building limit of $250K for residential and $500K for commercial.
- Single deductible - One deductible for both dwelling and contents. With the NFIP contents coverage is always actual cash value .
- Loss of Use up to $150k
- The private market offers broader coverage options, increased limits and single deductibles.
- Flexible payment options including monthly installments
- Personalized Flood Outlook Report so you can be educated on your exposure to flood.
- Some examples are simple coverages including loss of use, replacement cost for contents and other buildings on your property.
For more information on private flood insurance, contact Lallis & Higgins Insurance.
