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Why doesn’t every insurance agent jump on the Private Market Flood Insurance band wagon?

Insurance agents who don’t sell it all the time, just are not educated enough with the product. It is constantly changing. National Flood Insurance Program (NFIP) requires a lengthy application and any property built after 1976, requires an elevation certificate to quote. That’s right, we can’t even quote a NFIP policy without an elevation certificate from an engineer. Elevation certificate’s cost anywhere from $750 – $1,000!  In the Private Market Flood (PMF), we do NOT need an Elevation Certificate! Sometimes they help to get the price down a bit, but we do not need them! Most all agents have an NFIP contract and most have access to the Private Market through one of their wholesalers.

So why don’t you hear more about PMF?  It boils down to money! Lost commission to be exact. Imagine the effect on an agent’s flood book.  Half the premium for half the commission means a huge loss of income!

For me, I have seen the effect of what PMF can do! It can help a realtor finally sell a property; or a homeowner finally sell their property or a buyer finally buy their dream house. What has impacted me the most is helping an elderly couple be able to stay in their home. They couldn’t afford their flood insurance anymore, so they made the agonizing decision to sell their home. I was able to save them THOUSANDS and gave them the ability to stay in their home! Never in my career have I experienced such joy in what I do!

I became obsessed with helping others! The average savings of a PMF policy is more than 50%. I have seen NFIP policies north of $10,000 and my PMF policy is $1,500! The savings are absolutely LIFE CHANGING! I became more than an insurance agent protecting people’s properties and assets. I brought life changing savings!

I wrote a commercial building recently. They had $500,000 coverage. Their premium was $21,000! We wrote $2,000,000 for $10,000! We wrote a non-profit building right on the beach. We saved them $20,000! For a non-profit, those savings are LIFE CHANGING!

Moral of the story… PMF has been LIFE CHANGING for me! It is not every day as an insurance agent where I can impact so many lives. The stories are amazing! It fuels me! It gives me joy to get out of bed every day. Who can I help today?

Are you drowning in your flood insurance premiums? Let the #floodwhisperer help.

Give us a call at: (508) 997-3321 or visit our website at: https://coastalinsurancema.com/get-a-quote-flood-insurance/

Pete & Lisa Humphrey Covil and Coleman Insurance, New Bedford

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