Floods are the Most Common and Costly Natural Disaster

Many believe they only need flood insurance if their lender requires it, but the fact is more than a quarter of flood claims are located outside of what is considered to be a high-risk area. Seventy percent of Hurricane Harvey claims were located in “X” flood zones. According to FEMA, recovering from just one inch of water inside your building can cost upwards of $27,000. The average flood claim for Hurricane Katrina was over $97,000; the average flood claim from Hurricane Harvey was over $115,000; the average flood claim from Superstorm Sandy was over $66,000; and, the combined average flood claim in the US over the past five years was over $45,000.

Why Private Flood?

The majority of flood coverage in the Unites States is written through the National Flood Insurance Program (NFIP). Recent legislation increased the NFIP rates in order to help offset the current $24B deficit. This legislation also mandated lender acceptance of private options for flood coverage; as a result, more companies now offer private flood policies as an alternative to the NFIP. Private flood policies offer coverage at least as broad as that by the NFIP.

What are the Benefits of IGP Specialty’s Private Flood?

The IGP Specialty Private Flood Program may not only save you money, but offer these additional benefits:

• Coverage up to $5,000,000
• Multiple buildings and/or locations covered under a single policy
• Loss of income/additional living expense coverage
• Basement contents coverage
• Replacement cost valuation
• Broader flood definition