The number one disaster in the U.S., floods can happen anywhere at any time. Everyone is at risk, no matter how near or far you live from the coast. More than 25 percent of the National Flood Insurance Program’s (NFIP) flood insurance claims are for structures outside identified flood zones. What’s more, flood damage is typically not covered by a standard homeowners policy. According to CoreLogic, an estimated 70 percent of flood damage from Hurricane Harvey was not covered by any insurance.
Just a few inches of water in your home can cause tens of thousands of dollars in damage. Are you covered?
A New Approach
A leading provider of residential property insurance in Florida, Tower Hill Insurance offers three coverage options for your flood insurance needs:
Private Flood
Tower Hill’s Private Flood program offers considerable advantages versus the standard NFIP policy:
- Available for conventional single-family residential homes and townhouses/rowhouses
- 100% building replacement cost up to $4 million, with contents up to 70% of Coverage A
- Optional replacement cost for contents
- Loss of use coverage up to $10,000
- Single deductible (building and contents) ranging from $1,000 to $50,000
- Single adjuster and streamlined claims process for wind and water damage
- Payment plans
The waiting period for a Private Flood policy is only 15 days, and the waiting period is waived if the policy purchase is for a home closing or if there has been continuous flood coverage.
Tower Hill’s Private Flood programs are available exclusively through Lloyd’s, an Excess & Surplus Lines carrier, which holds a Financial Strength Rating (FSR) of “A” by A.M. Best Company.
Private Flood Endorsement
Tower Hill policyholders may add flood coverage as an endorsement to their Homeowners (HO3) or High Value Home policy. The Private Flood Endorsement offers all the advantages of our standalone Private Flood policy plus:
- Only ONE invoice
- NO minimum premium
- NO wait
National Flood Insurance Program
The NFIP is underwritten by the federal government but sold and administered by private insurance companies, and their agents, through the “Write Your Own” (WYO) flood program sponsored by the Federal Emergency Management Administration (FEMA). Through this program, homeowners may purchase up to $250,000 of flood coverage for their home and an additional $100,000 for their contents.
NFIP policies typically require a 30-day waiting period from date of purchase they go into effect.
Coverage Comparison
| COVERAGES | National Flood Insurance Program |
Tower Hill Private Flood | Tower Hill Private Flood Endorsement |
| Coverage A Building |
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| Coverage A – Building (Maximum Limit) |
$250,000 | Maximum total insured value (TIV) $5 million Replacement cost cannot exceed $4 million |
Maximum TIV $5 million Flood Coverage A cannot exceed the Homeowners (HO3) |
| Other Structures | 10% of Coverage A for detached garages (reduces the Coverage A limit) | $100,000 or 10% of Coverage A (whichever is less) for detached garages and/or other structures (reduces the Coverage A limit) | Coverage is limited to no more than 10% of the “flood” limit of coverage on the “dwelling,” for a detached garage and/or other structures at the “described location.” |
| Coverage B Contents |
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| Coverage B – Contents (Maximum Limit) |
$100,000 | Up to 70% of Coverage A | Up to 75% of Coverage A |
| Special Limits* | $2,500* | $2,500* | $5,000* |
| Loss Settlement | Actual Cash Value | Actual Cash Value (Replacement Cost is available) | Replacement Cost |
| Coverage C Other Coverages |
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| Debris Removal Limit | Included** | $250,000 or the Coverage A limit (whichever is less)** | $250,000 or the Coverage A limit (whichever is less)** |
| Sandbags, Supplies, and Labor Limit | $1,000** | $1,000** | $5,000** |
| Property Removed to Safety Limit | $1,000** | $1,000** | $5,000** |
| Coverage D Increased Cost of Compliance |
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| Coverage D – Increased Cost of Compliance Limit | $30,000; Subject to $250,000 maximum for both Coverages A and D. | $30,000 | $50,000 |
| Coverage E Loss of Use |
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| Coverage E – Loss of Use | No Coverage | $5,000 | $10,000 |
| Time Limit | Not Applicable | Payment will be for the shortest time required to repair or replace the damage or permanently settle your household elsewhere. | Payment will be for the shortest time required to repair or replace the damage or permanently settle your household elsewhere. |
| Waiting Period | |||
| Waiting Period | 30 Days | 15 Days; waived if the policy purchase is for a home closing or if there has been continuous flood coverage. | None |
*(a) Artwork, photographs, collectibles, or memorabilia, including but not limited to, porcelain or other figures, and sports cards; (b) Rare books or autographed items; (c) Jewelry, watches, precious and semiprecious stones, or articles of gold, silver, or platinum; (d) Furs or any article containing fur which represents its principal value; or (e) Personal property
**Coverage does not increase the Coverage A or Coverage B limits.
Policy Discount Available
A 5% premium credit will be applied to the flood policy premium for customers who purchase a Homeowners (HO3), Condo (HO6), or High Value Home policy through a Tower Hill company.
Interested?
To request a flood quote, search for an agent near you, or complete the form below to have an agent contact you….