Flooding is the most common disaster in the United States . Flood events happen in every one of the 50 United States – even within the last five years! A few inches of flood water coming inside of your home can cause tens of thousands of dollars in damage, even if the home isn’t completely destroyed. Think of it- your carpets, trim, drywall, electronic outlets, appliances and personal property can all be destroyed by flood waters. Most people think that the NFIP provided by FEMA is the only option for flood insurance, but in recent years Lloyds of London Flood Insurance has become a larger player in the US markets.
Lloyds of London Flood Insurance differs from the NFIP in that it is a private insurance product, and can often times provide a more competitive rate. If you aren’t familar with Lloyds, it’s the oldest insurer in the world, which has been around since the year 1686. With a rich history, Lloyds of London has insured everything from the trading ships of the East India company to certain body parts of mega famous celebrities. Lloyds of London Flood Insurance is an excellent alternative to the government NFIP program.
Lloyds of London Flood Insurance is a little different than buying it through one of the big carriers like Progressive or All State. Lloyds is not one company, but rather a collection of various syndicates that accept different levels of risk. So, my agency Save Flood Insurance Agency Inc can shop through various private flood insurance wholesalers to find a program that will fit your particular property. Lloyds of London Flood Insurance has several benefits, including an often lower premium price, and most times we do not require an elevation certificate in order to provide you a quote. Because of the various underwriting standards that Lloyds of London Flood Insurance providers have, some properties may not meet the under writing guidelines of one carrier, but may be accepted by another.
If you are purchasing a home that resides within a designated FEMA 100 year flood zone ( known as A zones) & you are purchasing with a mortgage company, your lender will require you to carry this insurance because your regular homeowner’s policy will not cover the peril of flooding. So, it’s certainly worth a shot to look into Lloyds of London Flood Insurance in order to save yourself a good amount of money each year.
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