Nuts & Bolts: The National Flood Insurance Program (NFIP) is offering new preferred risk policy products for both the commercial market and renters markets. The policies offer lower-cost flood insurance options, and should help reach new customers, offer more options to existing customers and protect agents against errors and omissions exposure. They are easy-to-write, low-cost flood insurance policies for properties in low-to-moderate risk zones, where one in four NFIP flood insurance claims occur. Agents can visit the FEMA Web site at www.fema.gov/nfip for the latest information on these products.
Dollars: Limits up to $500,000 in building and $500,000 in contents coverage. For business owners that do not own their buildings, “contents-only” coverage is available up to $500,000. Limits up to $100,000 for “contents-only” coverage for renters of apartments or homes. Higher limits for contents are available at minimal cost to homeowners who currently have the preferred risk policy.
States Available: All states.
Contact: www.fema.gov/nfip.
Topics Flood
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