Primary & Excess solutions that
protect against the peril of flood.
Recommended appropriate Primary & Excess solutions that protect against the peril of flood.
Primary vs. Excess Flood Coverage
Primary Flood Policies – refer to first-level National Flood Insurance Program (NFIP) primary flood policies, which are administered by the Federal Emergency Management Association (FEMA), can be issued by many carriers but carry coverage caps stipulated by the NFIP/FEMA as follows:
- Structural Coverage Cap: $250,000
- Personal Contents Coverage Cap: $100,000
Under a standard NFIP/FEMA Primary Flood Policy, these coverage caps cannot be increased or changed. Some private carriers offering Primary Flood policies may also underwrite their own additional coverages which the carrier (and not NFIP/FEMA) would pay to settle a covered claim.
Excess Flood Policies provide additional coverage beyond those capped in a Primary Flood Policy as outlined above. Excess Flood Policies provide additional coverage protection for policyholders interested in further protecting their property against the peril of flood beyond what’s readily available in a Primary Flood Policy.
In most cases, Flood policies only protect structures and contents which are located on ground levels and above. In some cases, unfinished basements and real property in cellars may be covered depending upon the issuing carrier and their underwriting guidelines.