from EMERGE INSURANCE AGENCY
GOVERNMENT OR PRIVATE
Since standard homeowner’s insurance doesn't cover flooding, it's important to have protection from floods associated with hurricanes, tropical storms, heavy rains and other conditions that impact the U.S.
In 1968, Congress created the National Flood Insurance Program (NFIP) to help provide a means for property owners to financially protect themselves. The NFIP offers flood insurance to homeowners, renters, and business owners if their community participates in the NFIP. Participating communities agree to adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding. Find out more about the NFIP and how it can help you protect yourself.
A Better Option For Many
(Lower Cost and Better Coverage)
At the close of the 2014 legislative session Florida Governor Rick Scott signed legislation to encourage a private flood insurance market in the state. Under this legislation, Floridians will have a wide range of flexible options to choose from so they can reach an affordable level of coverage for their property. That goal has been accomplished.
EMERGE INSURANCE AGENCY is a one-stop agency with the Private Flood Insurance Program (PFIP) available in Florida for residential and commercial properties. That gives us the ability to be a flood insurance consultant in finding the best value for each insured and their unique situation.
Private Flood Insurance
$24 Billion in Debt
In trouble financially
Higher Rates and Increasing
No coverage for temporary living expenses
Max limit per condo unit/home/Commercial Bldg $250,000/$500,000
Content Coverage Limit $100,000
Personal Property Coverage limited to eight categories
No Debris Removal
Limited deductible options No Ordinance or Law
No ordinance or law
Some Losses paid out at Actual Cash Value (depreciated value)
30 day waiting period
PRIVATE FLOOD INSURANCE/PFIP
"A" rated AM Best
Lower Rates and Stable
Up to $5,000 temporary living expenses
Max limit per condo unit/home/Commercial Bldg $20,000,000
Waiver of Co-Insurance Penalty
Content coverage limit $1,000,000
All personal property is covered
Debris Removal INCLUDED
From $1,000 to $250,000 deductible options
Ordinance or Law INCLUDED
Losses paid at Replacement cost value (actual cost to replace)
No waiting period
Why Private Flood Insurance Program (PFIP)?
- Private Flood Insurance Program (PFIP) was created because home and business owners wanted better flood coverage than what is available through the standard markets today. Many homes and businesses far exceed the maximum limits that are only available through the National Flood Insurance Program (NFIP).
- Home and business owners wanted more options to enhance the protection of their building structures. Under current NFIP guidelines for homes and businesses, most NFIP policyholders have no choices for higher limits and/or higher deductibles.
- Home and business owners don't want to have the standard waiting period for coverage to take effect.
- Home and business owners wanted lower rates and fees. Starting in October 1, 2013, premiums for those impacted by the recent changes in the NFIP will see an increase of 25 percent per year, for the next four years, until the new rates are reached. In some instances, current NFIP policyholders will see a new rate immediately if their NFIP policy lapses, a new property is purchased, a new NFIP policy is purchased or the property suffers repeated flood losses.