What are the advantages of a Private Flood Select policy?
The Private Flood Select insurance policy is a high limit, one company flood insurance solution, for high value homes eliminating the need in most instances to purchase an underlying primary policy from FEMA’s NFIP and a second, excess flood insurance policy. High net worth clients are able to purchase a Lexington Insurance Company, member of AIG, primary flood policy with limits up to $2 million, thereby eliminating the need for any interaction with FEMA and FEMA claims adjusters on a traditional underlying NFIP policy. All flood claims would be settled utilizing one AIG specialized claims representative.
Higher value residences located in coastal V flood zones that are positively elevated will also find the pricing of this product to be very competitive.
What risks are eligible for Private Flood Select?
Properties eligible for coverage are single family residential structures located in both A and V flood zones that are positively elevated above FEMA's BFE (base flood elevation). See below for a description of positively elevated.
Private Flood Select coverage is not available at this time for non-residential properties and for properties located in CBRA areas or non-participating FEMA communities. Also not eligible for coverage are: properties that have experienced more than one flood loss within the past five years, properties with unrepaired flood damage, any property that has been designated by FEMA as a Severe Repetitive Loss property, and properties that have been designated by a duly constituted State or local authority to be in violation of State or local floodplain management regulations (Section 1316).
How do I know if my property is positively elevated?
TFIA's Private Flood Select program does not use the same definitions that FEMA does. Our program is much simpler.
- For single family residences located in Flood Zones AE, AO, AH and A1-A30: the elevation on line C2. a) must be greater than the elevation shown on line B9 on the FEMA elevation certificate. Click here to see an example.
- For single family residences located in Flood Zones VE and V1-V30: the elevation on line C2. c) must be greater than the elevation shown on line B9 on the FEMA elevation certificate. Click here to see an example.
What if my property is not eligible for Private Flood Select?
Older, pre-FIRM properties, without an elevation certificate and non-residential properties may be eligible for TFIA's Private Market Flood program, "a simple alternative to FEMA flood insurance".
How does the Private Flood Select policy differ from TFIA's Private Market Flood policy?
Both policies contain the same wording. The Private Flood Select policy can be written for higher building and contents limits, thereby eliminating the necessity for many high value homes to purchase a second, excess flood policy. The Private Flood Select policy underwriting does require submission of an elevation certificate, unlike Private Market Flood, which does not.
How does the Private Flood Select policy differ from the NFIP/FEMA policy?
The Private Flood Select insurance policy includes the same coverage as the NFIP policy. The policy wording is almost identical. Additionally, Underwriters agree that in no event would a loss be denied under the Private Flood Select policy that would have been settled under the FEMA National Flood Insurance program Standard Flood Insurance policy Dwelling form.
What Insurance Company issues Private Flood Select policies?
Lexington Insurance Company, a member of AIG.
What are the coverage limits of a Private Flood Select policy?
The choices of coverage limits available are shown in a chart for each of the 37 states in which coverage is available.
Building limits are available for $250,000, $500,000, $1,000,000, $1,500,000 and $2,000,000.
Contents limits are available for $0, $50,000, $100,000, $150,000, $250,000 and $500,000.
Limits other than those shown above are not available.
What constitutes a prior loss?
A prior loss is any loss or damage to the structure due to the peril of flood.
What is the waiting period for a private flood insurance policy to become effective?
It depends. For a loan closing, there is a 0 day wait. As long as payment is received within the application approval date we can make the effective date up to 60 days in advance to match the loan closing date.
For any other reason for insurance, the wait is 14 days from the date payment is received.
How can I cancel my Private Flood Select policy?
The Private Flood Select policy uses the same cancellation reasons and requirements as the NFIP. All cancellation reasons may be found using the NFIP Flood Insurance Manual.
Are there any additional taxes and/or fees?
All fees and surplus lines taxes are included in the rates shown.
How long is the policy period of my private flood policy?
The policy period is 1 year, same as an NFIP policy.
Do you accept electronic checks?
Do you accept credit cards?