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Did you know you have a choice in flood insurance? Here’s why you need to know about Private market flood insurance.

are you read for a flood?

Have you been told by your mortgage company that you are in a flood zone and need flood insurance? If so, you should know that you have a choice. You may get your flood insurance from FEMA National Flood Insurance. OR you may get private market flood policy. What’s the difference?

Private market flood is often less expensive

Private market insurance can often be less expensive than FEMA insurance. Also, policy holders that have allowed their policies to lapse and those homeowners with incredibly high premiums due to age of home or low elevations will also find that often Private market insurance rates are lower.

Private market flood covers even more.

A Private Market Flood policy is just as broad, and covers JUST as much as a FEMA National Flood Insurance Policy. It often has the same claims adjusters as FEMA policies.  Additionally, higher coverages for the building and personal contents may be available with Private market flood (FEMA limits at about $250K in coverages and Private goes up to $500K).

Reputable underwriter for Private Flood.

Underwritten by certain underwriters at Lloyd’s of London (A rated by AM Best).

Elevation certificates not needed.

Also, it typically does not require any sort of documentation, such as an elevation certificate.

Same day policies may be available.

Private flood is fast.  Often private flood is faster, often with only a 14 day wait (except for loan closings, which require NO wait)! That’s over 2 weeks less than FEMA’s standard wait time.

Want to discuss private flood in more detail?

We’d been able to put many clients with a private flood alternative, saving them from the more expensive Federal premiums. We’d be happy to run a quote for you and see what you may be able to save. We are available at 603-273-0953 or www.keslarinsurance.com

5 Reasons why spring’s arrival may mean insurance changes

flowers

 

The winter’s is behind us, hopefully. With spring’s arrival, there are often new things that impact your insurance needs. But now is the time to be addressing these issues with your agent.

  1. New toys: boats, motorcycles, ATV’s.

Many people buy “toys” to use for the nice weather in the spring. Call your agent as you consider your options to see how much it may cost you to put insurance coverage on these items.

2. Toys out of storage (motorcycles, ATV’s, boats and cars). 

You may need update your boat, motorcycle or ATV coverage now that you are either pulling these out of storage or maybe buying a new one!  You may be putting that convertible back on the road. Also, you may be putting your winter toys into storage, like your snowmobiles. Some policies may provide discounts for taking them “off the road”.  All of these things can be covered with a quick call to you agent.

3. Pothole damage

Driving through a pothole may ding up your car or cause damage, but you’re typically covered when you have collision coverage with your car insurance. If you don’t have coverage, however, you’re likely stuck with paying for the costs out of pocket. Ask your agent what your policy covers.

4. Spring flooding

When winter snow starts to melt, rivers and streams may rise. Mix in some spring rains, and there is potential for flooding. While a standard home insurance policy covers water damage from sudden occurrences – such as burst pipes – it typically will not cover destruction related to spring floods. Calling your agent before you run the risk of a flood is always a good idea to learn about your options.

5. Hail damage- autos and homes

Springtime storms can bring hail that destroys siding and roof shingles. Fortunately, homeowners are usually protected under their home insurance policies.  And if a window breaks because of a storm, that’s typically covered too, along with resulting water damage.  Your auto policy may also cover any damages to your vehicle. Always ask your agent to make sure you know what is covered in your particular policy.

If you have any insurance related questions or concerns, please feel free to reach out to us. We’d be happy to assist you. We can be reached at www.keslarinsurance.com or 603-273-0953.

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