Private flood insurance is an insurance policy written by a private carrier that is not backed by the federal government. In the past private flood insurance was only for homes with high-value, but recently it has become more popular with homeowners. Some private insurance companies offer shorter waiting periods and faster payouts when compared to insurance offered through the National Flood Insurance Plan (NFIP).
Since homeowners insurance does not cover water damage due to flooding, purchasing flood insurance is the best protection against an event such as a flood. Some homeowners in various states like Texas, Florida and Lousiana have stated that they have paid smaller insurance premiums when purchasing flood insurance through a private company.
There are private flood insurance companies that have coverage of 2 million dollars on homes and $500,000 for contents. So if your home contains expensive collections like artwork, insurance through a private company may be the best option for your home. They can also pay for living expenses if you cannot stay at your home during renovations.
At Holt Flood Insurance, we can work with a private flood insurance company to ensure you are getting the best coverage. With over 30 years of experience in flood insurance, we have taken pride in the level of service we have offered to the thousands of customers over the years. For more information about flood insurance, give us a call at 540-809-1415. We will answer any questions you may have, contact Holt Flood Insurance today.
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