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Flood Insurance FAQs
FloodPrice's Most Frequently Asked Questions
How Do I Get A Policy
Easy! You can visit our quote page by using the menu at the top of your screen or by clicking here. Enter your address and foundation type to discover your new low rate. You can make adjustments to your coverage amount using our handy slider tool to ensure you obtain a flood policy that meets your needs.
If you like your rate, complete the remainder of the flood application, make your online payment, and a copy of your new flood policy will be emailed to you.
This process usually takes less than 5 minutes.
Will claims be handled any differently than they would with the NFIP?
Absolutely! Government agency programs are not known for being easy to understand or navigate. If you don't agree with the claim determination from the NFIP, your option is to go to federal court. Not easy!
At Floodprice, our team is here to walk you through the claims process in the event of a loss. We want to ensure that your claim is handled quickly and efficiently, and we're here to help.
What is covered in a private flood insurance policy at floodPrice.com?
Similar to policies written through the National Flood Insurance Program (NFIP), the two basic elements of a floodprice.com insurance policy are the structure (the building itself) and the contents (the things inside of the building), but that is where the similarities end. Floodprice.com offers several enhancements not available from the NFIP or many other private flood insurance companies. Check out the differences in chart below.
Let's Compare: | FloodPrice.com | NFIP |
|---|---|---|
Compliant with State Insurance Laws | Yes | No |
Maximum Building Coverage Amount | $5,000,000 | $250,000 |
Maximum Contents Coverage Amount | $200,000 | $100,000 |
Elevation Certificate Required | No | Yes |
Additional Coverage Options Available** | Additional Living Expenses, Debris Removal, Carports, & Basement Contents Coverage | None |
Basement Coverage* | Paint, Flooring, Baseboards, Personal Property, and more. | Drywall (no tape or mud) |
Additional Fees Required for Coverage of More Than One Structure | No | Yes |
Waiting Period for Policy Inception | 15 Days | 30 Days |
*To see exactly what is covered by NFIP, and what's not, Click Here! See Page 9.
**Limited coverage may be available for detached garage.
Why should I trust private flood insurance?
Floodprice.com works with some of the largest private flood insurance markets in the world, each carrying a financial strength rating of A or better from A.M Best. With this financial stability, you can rest assured that you are in good hands.
Can you bill my mortgage company?
Yes. However, similar to the NFIP, the first year's premium must be paid at the time of policy creation. Moving forward, we can bill your mortgage company so that subsequent premium payments are funded directly from your escrow.
I am currently an NFIP customer. How do I cancel my existing policy?
Effective October 1, 2018, the National Flood Insurance Program will allow customers to cancel their flood policy mid-term, but only if a duplicate policy has been secured from another source. Examples of a duplicate policy include Private Flood Insurance. The secondary insurance policy must be for building coverage on the same building that is currently being insured by the NFIP flood policy.
Your cancellation request must be made within the current NFIP policy year. You’ll need to provide a copy of your non-NFIP flood policy declaration page as well as a statement from the mortgagee accepting the non-NFIP policy as the replacement policy.
You will receive a pro-rated refund on any unused portion of the ICC premium, Reserve Fund Assessment, and HFIAA Surcharge. If applicable, you will not get a refund on the Federal Policy Fee and Probation Surcharge. Customers can only receive a refund for unused portions of their current NFIP policy and will not receive any refunds for past years that the policy was held.
Click here to fill out a copy of the form you will need to submit to the NFIP. Still have questions? Give us a call we may be able to help.
Can I Get A Sample Policy?
Click here to view a sample policy.
