National Flood Services, a division of Affinity Insurance Services, has introduced a line of private flood insurance products that will be delivered via the FloodChoice agent system. The new products offer options for consumers and insurance agents.
According to John Dickson, president of Advanced Insurance Coverages Inc., a unit of NFS, the product line responds to coverage gaps and underwriting struggles facing consumers and agents.
The FloodChoice suite includes three core products:
- EZ Flood is a simplified alternative to the NFIP that offers up to $750,000 in building and $200,000 in content coverage for single family residential homes. The application process is streamlined to a handful of underwriting questions and does not require an elevation certification or photographs. EZ Flood is lender accepted, has “A” rated financial backing and does not have a waiting period.
- Excess Flood offers coverage for residential and commercial properties above the NFIP maximum payout limits. The product includes up to $5 million of coverage (buildings and contents combined) for properties with replacement cost value of up to $10 million. Excess flood is not available for condominiums or properties located in Alaska, Kentucky or New York.
- FloodWrap works in tandem with an NFIP policy to help address coverage gaps. Available in all flood zones for single and two- to four-family homes, it offers coverage for basements and basement contents, additional living expenses, golf carts and trailers, and septic system pumping. FloodWrap also provides higher limits for decks, loss avoidance coverage, and optional excess building limits (up to $500,000 above NFIP limits).
NFS says these programs complement its relationships with Write-Your-Own insurance companies participating in the National Flood Insurance Program (NFIP). NFS is the NFIP’s largest processor, with $2.2 billion in premium and three million policies.
Advanced Insurance Coverages is a licensed producer in all states. National Flood Services operates from four locations, including Kalispell, Mt., Overland Park, Ks., and Lakeland and Coral Springs, Fla., offering policy administration, claims processing, customer service, and agency support capabilities for its clients.
Affinity Insurance Services is a division of Aon plc.
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Anyway...At a time when the NFIP/FEMA are $25Billion upside down, we are experiencing the fractioning of the NFIP where substantially LESS PREMIUM will be tenured into the NFIP but directed rather into the PRIVATE MARKET.
We are experiencing, effectively, the DE-SOCIALIZATION of the NFIP, which has been effectively a SOCIAL FLOOD PROGRAM since the mid 1970’s and allowed for SUBSTANTIAL COASTAL DEVELOPMENT… Thanks NFIP but we don't need you anymore... Coastal Development is primarily completed...
Interestingly, on the HEALTH insurance side, OBAMA CARE has effectively SOCIALIZED the Health Insurance Delivery System, even though there are a few “Private Market” carriers that LOVE the subsidies.
TO SOCIALIZE or NOT TO SOCIALIZE… You got me…
There must be some smart actuary out there that could multiply the number of US HOMEOWNERS (not currently paying into the "National" Flood Ins Program) by $250.00/year (which would probably generate $10 to $20 Billion in Additional Annual Flood Premium, effectively SOLVING the NFIP’s financial problems today and into the future… All we need is a TRULY “NATIONAL” Flood Insurance Program and make ALL homeowners/condo unit/rental dwelling owners pay at least $250.00/year into… The System… BECAUSE… the MAJORITY of FEMA FLOOD CAT DOLLARS are paid to NON FLOOD PREMIUM PAYING “victims” with their BIG FAT HANDS OUT…
At least make them pay $250.00/year for the RIGHT to be reimbursed by FEMA when the WATER RISES within their… “Non Flood Zone”… Of this, I am… fairly OmniSure… but I’m no actuary…
If you are a high flood risk property get your mortgages paid. By the time we hit full risk rates there won't be anybody to write your risk.
Congress understands whats going on, right?
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