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Anyone use Private Flood Insurance, eg Neptune Flood Insurance?
Posted on 2/22/22 at 9:42 pm
Posted on 2/22/22 at 9:42 pm
Our house value has gone up and exceeds the NFIP cap of $250k by ~$75k. I would like to have the building coverage to be similar to that of our homeowner's policy.
We are roughly 700ft from the sound in flood zone X but our yard has flooded from very heavy rains several times in 20years; no house damage. We have had flood insurance since the house was built in 2000.
Our agent provided a quote from Neptune Flood Insurance.
Appreciate anyone's thoughts/experience on
1) Should flood coverage be same as homeowners?
2) Private flood insurance vs NFIP?
3) Neptune Flood Insurance
We are roughly 700ft from the sound in flood zone X but our yard has flooded from very heavy rains several times in 20years; no house damage. We have had flood insurance since the house was built in 2000.
Our agent provided a quote from Neptune Flood Insurance.
Appreciate anyone's thoughts/experience on
1) Should flood coverage be same as homeowners?
2) Private flood insurance vs NFIP?
3) Neptune Flood Insurance
Posted on 2/22/22 at 9:56 pm to TigersnJeeps
Never heard of it. Can you get both? How much does it cost? I might look into it at some point.
Posted on 2/22/22 at 10:32 pm to TigersnJeeps
quote:
Our agent provided a quote from Neptune Flood Insurance.
Never heard of them but am really interested to know what they quoted you.
Technically my flood insurance runs close too my homeowners through NFIP but there are so many variables.
Posted on 2/23/22 at 7:46 am to TigersnJeeps
If your that close I would probably just let it ride. I have an excess flood policy through the same company I use for the first 250. It’s pretty much the same rate.
Posted on 2/23/22 at 8:10 am to TigersnJeeps
One thing to consider is that private flood insurance is typically thru a surplus lines company. If a surplus lines company becomes insolvent and can’t meet their claim obligations, policyholders are pretty much shite out of luck. Admitted carriers have a secondary backing through their state’s insurance guaranty association (up to $500k per claim in Louisiana thru LIGA) if they become insolvent but surplus lines carriers do not.
You wouldn’t have to worry about NFIP being unable to pay claims after a catastrophe….the feds will just borrow (print) more money.
ETA: you can look into an excess flood policy too. Carry a max limit $250k building and $100k contents NFIP policy then the excess policy provides the additional coverage once your NFIP policy pays out policy limits on a claim.
You wouldn’t have to worry about NFIP being unable to pay claims after a catastrophe….the feds will just borrow (print) more money.
ETA: you can look into an excess flood policy too. Carry a max limit $250k building and $100k contents NFIP policy then the excess policy provides the additional coverage once your NFIP policy pays out policy limits on a claim.
This post was edited on 2/23/22 at 8:13 am
Posted on 2/23/22 at 8:50 am to TigersnJeeps
quote:
1) Should flood coverage be same as homeowners?
Not necessarily, but depends on your situation/set-up. Outside of a Katrina situation where you have 6-8' of standing water; the most you will need is enough coverage to cover flooring, 2-4' of sheetrock, repaint walls, and content coverage for any items in that 2-4' range (primarily furniture & appliances).
The coverage for homeowners' needs to cover all that, but also be able to cover roof damage, insulation, appliances 4' off the ground, personal contents 2-4' off ground, 2nd floor...
Posted on 2/24/22 at 12:26 pm to TigersnJeeps
Private flood insurance typically tends to be more expensive, it's notot government subsidized
What are the odds that a flood would be so massive that it would destroy your whole home?
What are the odds that a flood would be so massive that it would destroy your whole home?
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