Excess Flood Insurance

The many homes and businesses that exceed the NFIP limits must go the “excess” flood insurance market to secure sufficient protection from flooding. Nationally, the average price of new houses sold in 2012 was $294,300, more than $44,000 above the current NFIP $250,000 limit, according to the U.S. Department of Housing and Urban Development. The many homes and businesses that exceed the NFIP limits must go the “excess” flood insurance market to secure sufficient protection from flooding. Insurance carriers that provide excess flood coverage do so on a voluntary basis; they write it when and where they want. The costs of excess flood coverage varies depending on the risk of flood and the replacement value of the property.  Though federal flood insurance is available to virtually everyone in the U.S., excess flood is not. Many carriers don’t write it in certain areas