This new residential flood program builds on Myron Steves’ decades of experience in protecting homeowners in times of need. With a wider scope of coverage and a choice of higher limits, this program offers more comprehensive protection than alternative flood products currently available.
NATIONAL FLOOD INSURANCE PROGRAM (NFIP) | RESIDENTIAL FLOOD THROUGH MYRON STEVES | |
Maximum limits | Dwelling $250k and contents $100k | Dwelling $1m, personal property $700k, other structures $100k and additional living expenses $200k. |
What’s the definition of flood? | Complex definition requires two or more acres of normally dry land or two or more properties (one of which is the insured’s) to be flooded. | Simple definition that dovetails with the standard homeowner wording. |
Are other structures covered? | Only covers detached garages up to 10% of the dwelling limit, reducing the main limit of indemnity for buildings. | Coverage limited to 10% of the dwelling limit, which is in addition to the main limit of indemnity for buildings. |
What about materials and supplies? | Materials and supplies must be stored in a ‘fully enclosed’ building. | No stipulation that materials and supplies are within a fully enclosed building. |
Fixtures | Restrictions apply on listed items of fixed property. | Covers the dwelling, materials and supplies on or next to the residence premises. |
Is personal property covered? | Property only covered ‘inside’ a building. | Property covered while anywhere in the world. |
Special limits for personal property | $2.5k combined ‘loss limit’ for various categories of personal property | Broader coverage with separate limits for the various categories of personal property rather than one single combined loss/event limit |
How will this policy help you in a flood? | $1k towards cost to protect property from imminent danger of flood. | $2.5k towards cost to protect property from imminent danger of flood. |
Is loss of use offered? | No | Yes – up to time of repair or permanent relocation. |
Is rental value offered? | No | Yes |
Are costs paid if a civil authority prevents access to the property? | No | Yes – two weeks of additional living expense and rental value. |
Are trees, shrubs and plants covered? | No | Yes – up to 5% of the dwelling limit with an item limit of $500. |
Are fire department charges covered? | No | Yes – up to $500. |
Binding restrictions may apply.