Expansion of Private Market Flood continues and accelerates in advance of soon to come FEMA rate increases on non-primary and commercial properties.
“Shortly after the 1st of the New Year FEMA is widely anticipated to increase flood insurance premiums a whopping 25% and add an additional $250 surcharge for non-primary residences and commercial properties”, says Evan Hecht, coverholder for the Lloyd’s of London Private Market Flood program.
Private Market Flood, http://www.privatemarketflood.com , underwritten by certain underwriters at Lloyd’s of London, began offering a flood insurance alternative to FEMA’s NFIP almost a year ago. In 10 months since, the program has issued thousands of policies and insured over a half billion dollars of property value. Their flood policy has identical coverage to that of the NFIP policy, is accepted by every major lending institution, and utilizes the same claims adjusters as FEMA.
“Private Market Flood targets older pre-FIRM properties with premiums lower than FEMA and is especially competitive on non-primary residences and commercial properties even before the impending FEMA rate increases, at which time, the premium discrepancy will become even greater.” This is very good news for property owners in the 26 States Private Market Flood now offers policies and the 10 additional states Hecht says will be added before October 1st.
Just today Hecht announced that the program is attempting to reach out to an even broader audience by lowering the minimum policy coverage from $100,000 building coverage to only $50,000 building coverage.
Both consumers and independent insurance agents can use the company’s website, http://www.privatemarketflood.com , to instantly quote policies without the need for an elevation certificate. Policies can be quoted, paid for, issued, and emailed the same day.