Excess Flood Questions
When is a standard flood policy not enough?
If it would cost more than $250,000 to replace or repair your home, a standard flood policy won't be enough.
Let's assume it would cost $750,000 to rebuild your home. That leaves $500,000 not covered by a standard flood policy. What do you do? Simple: Purchase a Bankers Excess Flood Insurance Policy.
Excess Flood Insurance can increase your standard single-family coverage by up to an additional $500,000 - covering up to $750,000 total. Have a business? Extend your structure coverage from $500,000 up to $1 million.
Contents coverage? Whether a homeowner or business owner, you can purchase up to $100,000 above the existing coverage cap (for a total of $200,000 for a single-family structure and up to $600,000 for a business structure).
Excess Flood limits could be even higher in your state. Ask your independent agent for details.
What is the difference between Flood and Excess Flood? Do I need both?
The National Flood Insurance Program policy covers you up to $250,000. If you home is worth more than that, you should consider Excess Flood which takes over where regular flood insurance leaves off.
Does my Primary Flood policy have to be written through Bankers Insurance Group in order for me to purchase Excess Flood?
No, your Primary Flood policy can be written with any other carrier, as long as the policy is “Active” prior to issuance of your Excess Flood policy.
What is my deductible for my Excess Flood policy?
Excess Flood policies have no deductible; however, your Primary Flood policy does.
If I sell my home, can the Excess Flood policy be transferred to the new homeowner?
Yes, you can transfer the policy to the new owner by submitting a copy of the settlement statement to the company, along with a request signed by both the prior homeowner and the new homeowner.
Can I have an Excess Flood policy on a secondary, seasonal, or rental property? If so, is there an extra fee?
Yes, you can insure a secondary, seasonal, or rental property policy under the Excess Flood program. No extra fees apply.
When can I file an Excess Flood claim?
You will have to wait for the Primary Flood policy claim to be settled, prior to filing the Excess Flood policy claim. Proof of the settled Primary Flood claim will be required to file the Excess Flood claim.