Home owner’s insurance is a vital consideration for all home owners, but in certain circumstances there can be problems associated with obtaining adequate insurance, and, in some cases, with obtaining insurance at all. One such situation where problems can arise is when a property is situated near to a coastline and the probability of flood damage precludes insurance. Also, there may be problems with obtaining certain types of coverage, such as fire and flood. In either of these case, there are several organizations that a homeowner can turn to for help. We have many more Home Insurance Help Articles Now Available.
The first organization is the National Flood Insurance Program (NFIP). Property owners may buy insurance protection for any loss as a result of flooding via the NFIP as long as they live in a community that is designated as being in a special area designated as a flood hazard, and one that takes steps to reduce the risks posed by future flooding. Such residents will be eligible for many Emergency Program provisions that will give limited insurance at rates subsidized by the federal government. Community adherence to more comprehensive flood management will allow residents of such areas to qualify to the NFIP’s regular program, which allows for the purchase of higher levels of insurance coverage. This coverage will protect against property and content loss and damage against flood damage and also flood-related instances, such as erosion and mudslide damage.
Some insurance companies also offer excess flood insurance, and such a policy is separate and offers higher limits for coverage of floods. This cover is generally written over a home owner’s primary policy.
The next program is the Coastal Market Assistance Program (also commonly known as the C-MAP), and this is a voluntary insurance network that assists home owner’s in coastal areas to obtain insurance coverage. Pre-application to C-MAP, in general, home owners need to have received a cancellation, non-renewal or a conditional non-renewal notification from their current insurance company, and this must be for a reason other than not paying a designated premium. Applicants with new purchases should find the insurer of the previous owner. In some cases, however, an owner may be able to purchase coverage from unlicensed home owner’s insurance companies known as excess line insurers. We have many more Home Insurance Help Articles Now Available.