My house was about to be flooded, which insurance is better, private or government?
My house was about to be flooded, which insurance is better, private or government? Storms and intense rains are the cover letter for the month of June in Florida. As a result, the streets of numerous cities have been flooded and some residents have had to bail out water from their homes. According to FEMA, a single inch of water inside a home is enough to cause more than $25,000 in damage. So much so that some homeowners who felt the threat of water are now considering purchasing flood insurance.
Which flood insurance is better, private or government insurance The National Flood Insurance Program, better known by the NFIP?
Either option is good, although there are some differences between them.
As you know, NFIP flood insurance has a mandatory 30-day waiting period before it goes into effect. While the waiting period for most private insurance is 15 days. Some even lack such a period. The policy takes effect immediately, as soon as it is contracted.
Unlike the government’s NFIP insurance, which is homogeneous for all policyholders, private insurance is tailored to each property. NFIP coverage is limited up to $250,000. While private insurance coverage can exceed a million dollars. Private insurance offers all its clients the option of covering the damaged structure with the replacement cost. This option in government insurance is for primary residences only.
Another benefit of privacy policies is that they cover the repair of damaged pools and lodging expenses during the repair of a flooded home.
For its part, the NFIP deductible is $2,500, while private insurance offers different deductible options, from $1,000 to $10,000.
Both insurances can be purchased through private companies. There is a program called WYO, which allows participating companies to sell NFIP insurance. Most government flood insurance is underwritten by private companies under WYO.
If you’re looking for flood insurance for your home, remember that the cheapest flood insurance in Florida is from Univista Insurance. My house was about to be flooded, which insurance is better, private or government?