Qualifying for National Flood Insurance Protection (NFIP)
Flood Coverage: Part 3 of 3
So, you know you need Flood insurance, and you’ve read Flood Coverage Parts 1 and 2. If you qualify for National Flood Insurance Protection (NFIP), there are some major things to consider. While NFIP rates do not differ from company to company, the coverage isn’t as comprehensive as you may get with Private Insurance. There are also hidden facts many people don’t realize upon binding such as:
- Typically, there’s a 30-day waiting period from the date you purchase the policy. There are some exceptions to this waiting period such as lender requirements, but these special cases must be approved by NFIP.
- Most of the time payment is due at the time of binding. If payment is delayed, the 30-day waiting period is also delayed.
- Government shutdowns affect NFIP coverage. If one is imminent, get the coverage bound prior to any shutdowns.
- Building and Contents are two separate coverages under NFIP. These must be purchased independently of each other and carry separate deductibles.
Ready for a quote? Make sure to have the following information ready:
- Elevation Certificate
- Loan closing document (avoids the 30-day window)
- Signed application
What’s the best flood insurance option for your commercial real estate company? Contact a member of the ‘A’ Team to help you find the best solutions for your insurance needs.
- Flood Insurance? Here’s Everything You Need to Know
- Building Flood: Is Private Insurance Your Best Option?
- Wash Away Worries: Flood Insurance Basics
- Flood Safety Checklist