Compare NFIP and Private Get Surprisingly Better Coverage
The Rise of Private Flood Insurance
Private flood insurance has emerged as a competitive alternative to the NFIP, offering tailored solutions that can better meet individual needs. Unlike the NFIP, private insurers can offer higher coverage limits, often extending beyond the NFIP's cap, which is particularly beneficial for homeowners with valuable properties. Some private policies also provide additional coverage options, such as temporary living expenses and business interruption coverage, which are not available under the NFIP3.
Another advantage of private flood insurance is the potential for more competitive pricing. In many cases, private insurers assess risk differently than the NFIP, which can result in lower premiums for some homeowners. This is especially true for properties that have been elevated or otherwise mitigated against flood risks4.