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Flood Insurance


Flood Insurance Information

Texas Flood Insurance

Water damage, though it might not seem like much, can occur in any home or business. What's worse, it could easily become pervasive and costly to repair. Property owners need resources to help them afford the costs of recovery. A tailored flood insurance policy might be a property owner's only solution.

Quantum Alliance offers a diversity of flood insurance policies through both the private market and the National Flood Insurance Program (NFIP). We can help agents in participating NFIP communities and beyond compile a portfolio of policy options that always target their audience correctly.

What Is Covered Under A Flood Insurance Policy?

Homeowners or business property insurance cover property owners for certain water damage — such as after a pipe bursts and floods the property. However, damage from flash floods, rain or river swells often is not covered by property damage. Rather, flood insurance is the policy that can apply to damage and losses caused by such occurrences.

How Much Flood Insurance Can Someone Buy?

The maximum amount of coverage a policy will provide depends on whether someone buys a flood insurance policy through the National Flood Insurance Program or from a private insurer.

NFIP Coverage

Many standard property insurers don't cover floods because they cannot assume the cost risks. To mitigate this issue, the government supports the National Flood Insurance Program as a fund to help property owners get coverage. Communities agree to participate in the NFIP, in exchange for residents being allowed to buy an NFIP-provided policy. Residents who choose to do so can buy up to:

Private Property Coverage:  Commercial Property Coverage:
  • $250,000 Structure Coverage
  • $100,000 Possessions Coverage
  • $2,500 Valuables Coverage
  • $500,000 Structure Coverage
  • $500,000 Possessions Coverage
 

NFIP structure coverage will pay structural damage costs at their replacement cost value, which is the current cost of materials and labor needed to repair the home to its previous condition. All possessions coverage will value items at their actual cash value, which is an item's depreciated value at the time the loss occurs. Deductibles will also apply, which policyholders pay before the insurer covers the claim.

Excess Flood Insurance for NFIP Policies

All insurers recommend that property owners carry flood insurance for the full value of the property and possessions inside. But, if someone has an NFIP policy on a $400,000 home, the policy will still only pay a maximum of $250,000 for their structural losses. That's a gap of $150,000 between the maximum the policy will pay and the full value of the home. For more protection, the policyholder can invest in excess flood coverage, which is a private insurance policy. It can provide further coverage if a claim on an NFIP policy exceeds its maximum limits.

Full Private Flood Insurance

Full private flood insurance policies are also available, and they can include higher limits for property owners who have more property value they need to insure. Policies can also give buyers a few more coverage extensions as opposed to the stricter limits of an NFIP policy.

What Is The Minimum Flood Insurance Requirement?

Flood insurance is required of certain homeowners, particularly of those who live in the 100-year floodplain. The 100-year floodplain is a space of land in communities that participate in the NFIP, where flooding is most-likely to occur. Structures in this area must have flood coverage if the property has a mortgage from a federally-backed lender.

Quantum Alliance's flood insurance policy offerings can work in any situation, for any property owner who feels their property is at-risk of flooding. The agents that offer our policy packages can develop not only expertise in the matter of flood insurance, but also offer the best customer service in their market

Call us at (855) 935-1233 or contact us today to learn more.

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