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Is a Private Market Flood Insurance policy the same as NFIP?

Private Market Flood Insurance policies are as good if not better than their NFIP cousins.

The government has mandated that all Private Market Flood (PMF) Insurance policies are exactly the same as National Flood Insurance Program (NFIP) policies. In fact, PMF policies are a lot better. You can purchase up to $2,000,000 on the building or $500,000 in contents. The maximum amount of dwelling coverage you can purchase on an NFIP policy is only $250,000 and you can only purchase $100,000 of Contents coverage.  You have several deductible choices on a PMF policy. $1,000  to $100,000.

You can purchase coverage for “Loss of Use”/ Temporary Living Expense. If you have a flood and have to move out of your home for a few months while rebuilding, you can have some coverage to live in a hotel. Other options include Pool Repair and Refill, Basement Contents, Unattached Structures and Replacement Cost Contents. PMF has shorter waiting periods too. An NFIP policy has a 30 day wait, where a PMF policy typically has a 10 day wait. The waiting period is waived in both instances for a loan closing. This protects insurance companies from people running out and buying flood insurance the day before a hurricane is predicted to hit.

Give us a call at (508) 997-3321 or find us on the web at: https://coastalinsurancema.com/get-a-quote-flood-insurance/

 

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