Private Flood Insurance
Commercial Properties
In the past, if commercial property owners or businesses needed flood insurance options were few. For the most part commercial flood insurance was only offered through the government program known as The National Flood Insurance Program (NFIP). And it wasn’t cheap! And over the last few years the cost of flood insurance has increased significantly. Thankfully, Private insurance carriers have returned to the market offering an alternative to the FEMA flood program. As a leading expert in flood Insurance we now offer private flood options for homeowners and business owners.
NFIP Commercial Flood
National Flood Insurance Program-
Flood Zone AE
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Building: $500,000
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Deductible: $5,000
Carroll Steele Quote
Private Commercial Flood-
Flood Zone AE
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Building: $500,000
-
Deductible: $5,000
Private Commercial Flood Insurance vs. Standard NFIP Commercial Flood
Lower cost is the biggest difference between private and standard commercial flood policies. The private flood market does a better job at Underwriting each risk and then provides a better premium based on that risk. FEMA establishes flood maps and zones and then generalizes risk and exposure based on the flood maps. Though they try they’re not in the business of understanding risk and applying premium. The private competitive market brings historical expertise and knowledge, creating an environment that brings cost down based on better underwriting and risk analysis.
Furthermore, private commercial flood offers higher building and property coverage limits. So if you’re in a high risk zone and want additional coverage beyond the $500,000 building coverage cap FEMA placed on the standard commercial flood policy you can request it. The standard market requires you to buy an ‘Excess Flood’ policy which would cost even more.
Save With Private Commercial Flood Insurance
Carroll Steele Insurance is one of a few independent insurance agencies in the country offering private commercial flood insurance. Not all who request coverage will qualify, but many do and can save significantly while maintaining coverage. If you’re looking for an alternative to your current commercial flood coverage please don’t hesitate to call or email us. You can also use our flood quote form which you can access by clicking the button below.