Private flood insurance carriers are “For Profit Companies”.
That said, the carrier underwriter’s will very carefully examine your risk. Having the ability to pick and choose the properties they insure will result in much lower premiums than the “One Size Fits All” National Flood Insurance Program offered by the government. You will not be subsidizing those extreme high risk areas that seem to pop up in the news every year.
FloodSmart will develop an initial application and an indication of premium based on your coverage request. Our preliminary underwriting team will examine your potential risk and shop the available markets for you. We will find you the best coverage’s for the most reasonable premiums possible. All of our private carriers are rated A to A+ and all are lender approved.
Private carriers reserve the right to increase the premium or decline the submission based on their underwriting and examination of risk.
If your risk meets their guidelines they will make you an offer to purchase their policy. The offer is good for 30 days and generally can be extended if necessary.