Be Prepared with Flood Insurance

Be Prepared with Flood Insurance

Flood insurance from Red Waves Insurance Services

Flood is an excess or inundation of water on a piece of land. Home insurance doesn’t protect your property from floods. Floods have become one of the most common and costly natural disaster in the United States. Even though floods are most common in coastal areas, near lakes and rivers, a flood can happen anywhere. Floods can cause considerable damage. Don’t be caught unprepared – catastrophic loss is very unpredictable. We offer both FEMA written policies and work with private insurance companies that will meet your needs. Our private flood policies offer more coverage and meet the requirements of your mortgage companies.



Private Flood Insurances offers:

1. 1. Higher Limits – Broader Coverage – No Elevation Certificates

  • Limits up to $5 Million available, eliminating the need for excess coverage in many cases
  • No Elevation Certificates Required!! Available for both commercial & residential structures
  • Provides Basement Content Coverage for finished basements, which is excluded under the NFIP.
  • Broader Flood Definition, no size requirement. NFIP requires 2 acres of inundation or 2 properties to be flooded.
  • Provides additional coverages not available through the NFIP: Additional Living Expenses, Increased Cost of Materials, Business Interruption Building Ordinance and Law, even a Course of Construction option.

2. Mortgagee Accepted Only Policies
  • Accepted by mortgagees to satisfy mandatory FEMA Private Placement Guidelines.
  • Direct bill at renewal. Online premium payments. Immediate online access to policy documents.

3. Meets all of the provisions required by The National Flood Insurance Act of 1968 and The Flood Disaster Protection Act of 1973, and including Biggert Waters Flood Insurance Reform Act of 2012. Flood Insurance Reform and Modernization compliance.

H.R. 2901 would revise the definition of private flood insurance previously defined in BW-12 at 42 U.S.C. 4012a (b) (7). The definition proposed would require federal agencies to accept private flood insurance from both admitted and non-admitted (i.e., surplus lines) insurers as long as the private insurance coverage "complies with the laws and regulations of that State." In revising the definition, H.R. 2901 would also strike existing statutory language describing how private flood insurance must provide coverage "as broad as the coverage" provided by the SFIP. In effect, this would allow individual states to determine most of the specifics of private flood insurance coverage accepted by federal agencies, federally regulated lending institutions, and GSEs. The dollar amount of coverage would still have to meet federal statutory requirements and the GSEs may implement requirements relating to the financial strength of such companies offering flood insurance.

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