| National Flood Insurance Program (NFIP) | Private Flood Insurance |
|---|---|
| Covereage Limits: 250k residential/500k, with options to increase limits by purchasing an excess flood policy. | Coverage Limits: Up to $4M. |
| Subject to 30 day waiting period (unless required by lender). | Subject to 1-14 day waiting period depending on the carrier. |
| Can be transferred to seller from buyer if both parties agree. | Cannot be transferred from the seller to buyer. |
| No longer require elevation certificates. | Can offer endorsements to expand coverages. |
| Obtaining a copy of previous flood policy can unlock saving on new policies. | Offer competitive premium rates and more affordable rates in some areas. |
| Eligibility is available for all properties in NFIP participating communities. | Eligibility is determined by carrier sand coverage is not availablein all areas. |
Flood Test
June 06, 2023