Private Flood Insurance - SINCE WHEN?

[agentinsouth]

Check with your underwriter. I have this issue all the time, as their seems to be no education on this for the mortgage industry. Your underwriter should be able to tell you exactly where, in both the flood manual, and regulations, this rule is.

I do about 4 -5 a month and never had an issue.

 

[insurance1822]

Do you guys ever lose to the NFIP? Or do they beat the NFIP 100% of the time.

 

[agentinsouth]

Do you guys ever lose to the NFIP? Or do they beat the NFIP 100% of the time.

I don't "loose" to NFIP, I write both. My NFIP carriers pay better (20%\18%)! On A1 diagram, I look at the BFE and C2A and can easily tell which program is going to be the least expensive. Also, if I don't have an elevation Cert, for houses built before 1990 I can almost always guess that private Flood is going to be less expensive.

----------

New England is true to their name, they only write in 6 states :(... Back to privatemarketflood. Com

 

[AZDave]

Are the elevation certificates requirements the same on both private and NFIP?

I have strictly used NFIP. Had a quote for an existing property that just got drug into a flood zone. NFIP required the elevation certificate. The insured spent the money and their rate came in around $3000/year. They later called all pissedoff at me, saying they obtained a flood policy and the carrier did not require it.

That deal washed away in a hurry.

 

[agentinsouth]

Are the elevation certificates requirements the same on both private and NFIP? I have strictly used NFIP. Had a quote for an existing property that just got drug into a flood zone. NFIP required the elevation certificate. The insured spent the money and their rate came in around $3000/year. They later called all pissedoff at me, saying they obtained a flood policy and the carrier did not require it. That deal washed away in a hurry.

No- you do not use an EC.

 

[nolasurance]

Hi all.

The only thing I'd like to say is that if you do write outside of NFIP, your insured will forfeit ICC coverage and if you don't tell them upfront with a statement they sign, this open up to a huge E&O exposure. So, you may want to consider this when selling outside the NFIP. In addition, the NFIP doesn't recognize these carriers as flood carriers, so in the event that your insured returns to the NFIP, they will be treated as having had a lapse in coverage. One more thing to consider is the mortgagee and if they accept the private carrier. Here in Louisiana, the lenders are just starting to open up to "some" carrier, but not all.

 

[insurance1822]

What's ICC coverage

 

[agentinsouth]

What's ICC coverage

Increased Cost of Compliance......
It is the addition cost to elevate or rebuild the house to the new flood mgr or community standards. It is up to an additional 30K, but still cannot exceed the 250K max.

Honestly, the house is probably not going back to NFIP when below the BFE.

 

[Ocho]

Increased Cost of Compliance......
It is the addition cost to elevate or rebuild the house to the new flood mgr or community standards. It is up to an additional 30K, but still cannot exceed the 250K max.

Honestly, the house is probably not going back to NFIP when below the BFE.

I was under the impression that these private policies do include ICC. Is that not true?

 

[cgreene]

Learn the grandfather laws of the floodplains. This can help you lower clients premiums from 3000 a year to 300. Then you will get everyone's flood business.