Insurance provider introduces private flood product suite

Another insurance company has begun offering private flood insurance as an alternative to the National Flood Insurance Program.

Insurance News

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Another insurance company has entered the private flood insurance market.

National Flood Services, a division of Affinity Insurance Services, announced this week it is launching a line of private flood insurance products to be delivered through the company’s FloodChoice agent system.

The FloodChoice suite will include three core products: EZ Flood, Excess Flood and FloodWrap.

EZ Flood is described as a “simplified alternative to the NFIP” that offers up to $750,000 in building and $200,000 in content coverage for single family residential homes. The application does not require an elevation certification or photographs, and the program does not have a waiting period.

Excess Flood provides coverage beyond NFIP limits for residential and commercial properties. Up to $5 million of coverage is available for properties with replacement cost value of up to 410 million. The policy covers both building and contents.

FloodWrap, meanwhile, works with the NFIP policy to fill coverage gaps affecting basements, basement contents, additional living expenses, golf cars and trailers, and septic system pumping. It provides higher limits for decks, loss avoidance coverage and optional excess building limits of up to $500,000 above NFIP limits. FloodWrap is available in all flood ones for single and two- to four-family homes.

The suite of products is meant to complement NFS’s Write Your Own (WYO) insurance companies participating in NFIP.

Advanced Insurance Coverages President John Dickson praised the new product line as addressing coverage gaps and underwriting difficulties experienced by both agents and consumers.

NFS is the largest NFIP processor and writes $2.2 billion in premium and 3 million policies.
 

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