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Private Market Flood Insurance

When it comes to flood insurance, many homeowners face rising flood insurance premiums when they have a NFIP (National Food Insurance Program) through FEMA.

Typically most New England residents in Massachusetts, Rhode Island, Maine, and Connecticut are not aware that more affordable flood insurance options are available through private market flood insurance companies like Neptune Flood.

Premier Shield Insurance is proud to be a partner of Neptune Flood Insurance because it allows our agency the opportunity to offer New England customers better coverage and much lower rates for flood insurance.

Why Should I Consider Private Flood Insurance?

You may have an existing flood insurance policy through NFIP/FEMA that may have recently been remapped into a flood zone. This can lead to rising flood insurance rates and higher mortgage payments for homeowners who escrow their flood insurance policies.

The fact that the NFIP is insolvent ($24 billion deficit) can also create concerns of claim payouts in the event of a flood claim.

We were recently able to save a Cape Cod homeowner almost $2,000 a year or 50% on their flood insurance policy by switching them from the FEMA NFIP flood to a new private market flood insurance policy through Neptune Flood (Backed by Lloyd’s of London).

Outside of saving money there are many reasons homeowners in New England should consider buying a private flood insurance policy.

We’ll highlight some of the main benefits below.

  • No elevation certificates required!
  • No pictures required!
  • Private market flood insurance offers reduced waiting period. 10 days vs the 30-day waiting period under the NFIP.  If it’s a loan transaction, there is no waiting period.
  • Higher coverage options for your home and contents. This is very important for high-net-worth homeowners who own properties worth more than $250,000. We can offer coverage, up to $2,000,000 for your home and $500,000 for contents, compared to $250,000/$100,000 with the NFIP.
  • Basement Contents Flood Coverage (Up to $10,000) – The problem with NFIP is that it only covers limited basement contents. If your store belongings in your basement, you won’t have coverage. NFIP only covers air conditioners, elevators, washer/dryer, and wall fixtures. Broader basement content coverage is an excellent feature of private flood insurance.
  • Pool Refill and Repair Coverage (Up to$10,000) – The problem with FEMA/NFIP flood is it specifically excludes coverage for swimming pools. Homeowners will gain valuable coverage for repair and refill costs for their swimming pool with this inexpensive optional endorsement.
  • Detached Structure Flood Coverage (Up to $50,000) – The SFIP (Standard Flood Insurance Policy) under NFIP only provides coverage for detached garages (up to 10% of building property coverage) are covered; however, detached buildings (other than garages) require a separate building property policy. If you have a pool house or other structure you can now get coverage on the same policy.
  • Business Interruption Flood Coverage (Up to $25,000) – One feature we really like at Premier Shield Insurance is Neptune’s Business Interruption which provides coverage up to $25,000. Insured receives $500/day for up to 50 days (after a 14-day waiting period). This means that if your building is closed for 64 days after a major flooding incident you would collect $25,000 in Business Interruption Coverage. The FEMA/NFIP currently doesn’t offer any time Business Interruption coverage.
  • Neptune offers enhanced coverage that can save up to 25% on your annual premium, for exactly the same coverage as your FEMA/NFIP policy, thanks to the use of advanced Lidar technology.