It has been over a month since the National Flood Insurance Program issued a policy due to the government shutdown, placing many homeowners in need of flood coverage in limbo. The 30-day grace period for renewing NFIP policies has ended, leaving homeowners uninsured and preventing some homebuyers and sellers from closing deals on properties in flood zones.
Given the current situation, homeowners that need flood insurance have two options: go without or seek a policy in the private flood marketplace. The latter has several benefits compared to the NFIP, including higher building and personal property limits, more deductible options, personal property replacement cost coverage, additional living expenses, no co-insurance penalties and no waiting period.
If your customers are forgoing coverage because of of the NFIP pause, TMH2O may be your solution. Learn more below or click here to get appointed to quote, bind and issue primary residential flood policies today.
| TMH2O | NFIP | |
| Residential Building Limit | $1,000,000 | $250,000 |
| Personal Property Limit | $500,000 | $100,000 |
| Deductible Options | Six options between $500-$250,000 | Options start with $1,250-$10,000 |
| ALE/Loss of Rents | $2,500 included; option to purchase $50,000 |
Not available |
| Waiting Period | No | 30 Days |
| Additional Federal Fees | No | Yes |
| Co-insurance Penalty | No | Yes |
| Special Sub-Limits for Basements and Enclosures |
Yes | No |
| Increased Cost of Compliance | $30,000 included | $30,000 for additional fee |