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so this Flood Insurance - Be Smart. Be FloodSmart. - FloodSmart Insurance apparently provides private flood insurance that slashes the pricing of the NFIP. how is this possible? scam?
Private Flood Insurance - SINCE WHEN?
- Thread starter insurance1822
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- 104
I was smoked by a company call Superior Flood a few months back. Link
They sold what is called a 'Catastrophic Insurance Plan', underwritten by Certian Underwriters at Lloyds, that included both flood and earthquake insurance. My national flood rate was around $2500 per year. Their rate was around $700 per year. They weren't currently offering any new appointments in Texas though.
They sold what is called a 'Catastrophic Insurance Plan', underwritten by Certian Underwriters at Lloyds, that included both flood and earthquake insurance. My national flood rate was around $2500 per year. Their rate was around $700 per year. They weren't currently offering any new appointments in Texas though.
My guess is they have better rating metrics then NFIP uses. Same thing as different carriers don't charge the same for the same risk, there is a HUGE gap when you look at NFIP rates. Wouldn't be hard to find a way to make money in those gaps.
There are several private flood policies in CA. Few are much cheaper, but they usually offer better coverage, for a few dollars less. They don't take everything though.
Dan
There are several private flood policies in CA. Few are much cheaper, but they usually offer better coverage, for a few dollars less. They don't take everything though.
Dan
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- #4
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I wonder if lenders will accept private flood insurance? I haven't been smoke checked in awhile & it's a terrible feeling. Apparently this w w w . f l o o d s m a r t . c o m is ran by a former big wig for some flood research company. Maybe it's just fluff and/or a scam BUT....darn!
- 648
I sell a lloyd's of London product.lenders are required to except it per Congress as part of the fix from the Briggs Water debacle.
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- #7
- 1,581
Wait so are you guys selling this Lloyds product too? Are you direct w/ them OR are you going through a wholesaler??
- 648
Wholesaler ................
- 648
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