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Started By
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Private flood insurance versus NFIP?
Posted on 2/12/26 at 4:16 am
Posted on 2/12/26 at 4:16 am
My flood insurance went up 20% last year and over 20% again this year...it's getting ridiculous.
My place flooded in 2016 but I raised it after that and it's now above that flood stage...not by a lot...but above the base flood elevation required by the NFIP. At that time it was enough to cut my insurance in half now it's more than double what it was then.
Anyone have private flood insurance? How does it compare both in coverage and cost to the NFIP?
My place flooded in 2016 but I raised it after that and it's now above that flood stage...not by a lot...but above the base flood elevation required by the NFIP. At that time it was enough to cut my insurance in half now it's more than double what it was then.
Anyone have private flood insurance? How does it compare both in coverage and cost to the NFIP?
This post was edited on 2/12/26 at 4:44 am
4
Posted on 2/12/26 at 7:27 am to DMAN1968
It’s free to get a quote. No one will be able to tell you the difference without your home address and I wouldn’t suggest that.
Reach out to your home insurance company and a couple more flood insurance companies and see what they can offer.
Reach out to your home insurance company and a couple more flood insurance companies and see what they can offer.
Posted on 2/12/26 at 9:22 am to DMAN1968
quote:
How does it compare both in coverage
usually better, you can add more and/or some extra coverages nfip can't include.
quote:
cost to the NFIP?
all situational, nobody can answer that for you.
Posted on 2/12/26 at 9:29 am to DMAN1968
I wonder if you are caught up in one of those areas that they want to drastically increase but are limited to a cap of how much they can increase it year-to-year.
If that is the case, I would suspect that you may not see any actual savings in the private market, at the moment, as the private market would need to rate you based on the current rick standards. Whereas NFIP wants to eventually get you there but has to do it over 5+ years.
If that is the case, I would suspect that you may not see any actual savings in the private market, at the moment, as the private market would need to rate you based on the current rick standards. Whereas NFIP wants to eventually get you there but has to do it over 5+ years.
Posted on 2/12/26 at 9:53 am to Chad504boy
quote:
usually better, you can add more and/or some extra coverages nfip can't include.
quote:
Chad504boy
You've been in P&C much longer than I was and flood insurance was never my area of expertise. I also am considering switching to a private flood policy soon. I was looking at BeyondFlood as the carrier, which I think was owned by National General if I'm not mistaken. Would I be fricking myself over if I go with them?
Posted on 2/12/26 at 10:30 am to TDsngumbo
the main previous risk is if you were grandfathered into some zone or pricing that you couldn't get back if you left nfip. That's largely not the case anymore. When they rolled out with the risk rating 2.0, risks were given 5 years i believe to hit the full would be price point. each year's price increase was capped at 15% increase.
So theretically if you left year 1, saved money and then private flood was no longer available, then maybe going back to nfip, could have cost you some money on those next 4 years cause you'll be rated back at full risk now.
With that said, that's largely gone by the way side for most people and they've already had a couple renewals since 2.0 rolled out. I wouldn't hesitate to save money on a private flood policy and even use it to better coverage (loss of use etc)
So theretically if you left year 1, saved money and then private flood was no longer available, then maybe going back to nfip, could have cost you some money on those next 4 years cause you'll be rated back at full risk now.
With that said, that's largely gone by the way side for most people and they've already had a couple renewals since 2.0 rolled out. I wouldn't hesitate to save money on a private flood policy and even use it to better coverage (loss of use etc)
Posted on 2/12/26 at 12:48 pm to DMAN1968
I looked into this a few years ago. I am in flood zone X500 which is not as good as "X' but not a flood zone and flood insurance is not required.
NFIP caps coverage to $250k.
Private will go as high as your regular homeowners.
Agent also said that since I have had NFIP for many years, I am not actually paying the "full rate" and if i go private, then return to NFIP, the new NFIP rate will be much higher.
Our rate has been going up 15-20% a year the last several years.
NFIP caps coverage to $250k.
Private will go as high as your regular homeowners.
Agent also said that since I have had NFIP for many years, I am not actually paying the "full rate" and if i go private, then return to NFIP, the new NFIP rate will be much higher.
Our rate has been going up 15-20% a year the last several years.
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