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Flood Insurance

Coastal Exposures and Flood Insurance

Fairfield County through Eastern Long Island has become an area of concern in recent years for both insurers and homeowners.   Due to our proximity to the CT Coast and client base with a wide range of geographic spread, we are well versed in the topics of Flood Insurance, Elevation Certificates, and placing Coastal Homes with the best possible market for the primary insurance.

We work closely with the agents, buyers, and sellers on coastal real estate purchases to insure successful transfer of flood insurance or find an appropriate market for what needs to be placed in order to satisfy bank requirements prior to closing.

Call a Brown Thayer Shedd Advisor to have your Coastal Home Insurance reviewed, as the risk appetite for each carrier is constantly changing. Given your home’s geographic area and FEMA Flood Zone, we can recommend and illustrate our best solutions for Home, Flood, Excess Flood, and “Difference in Conditions” Flood Enhancement when available.

Primary Flood

The standard limit of $250,000 for Primary Flood on the Dwelling will satisfy most (if not all) bank requirements. The addition of $100,000 of personal property is typically added for an additional premium. Note: Flood is not a covered peril on a homeowners policy.

Real Estate Closings

All FEMA/NFIP Flood Policies are transferable to the new owner at time of purchase. The buyer assumes the current rate structure and history of an existing policy if completed in a timely manner prior to closing.

A Brown Thayer Shedd Advisor will communicate directly with your closing attorney, mortgage broker, and real estate agent to insure timely delivery of all closing documents.

“Write Your Own” Flood Providers

When the Federal Government no longer wanted to administer the FEMA Flood policies directly anymore, they allowed the insurance industry to step in and take over. As of 2017, there are 65 “WYO” that administer flood policies on behalf of FEMA/NFIP. Policies can be transferred from one WYO to another at the time of home purchase or at the annual policy renewal.

Brown Thayer Shedd currently places Primary FEMA/NFIP policies with either Wright Flood or PURE Flood (PURE Members Only)

Excess Flood

Excess Flood can be purchased through the homeowners company (if allowed) or through a specialty market. Excess Flood picks up where the $250,000/$100,000 FMA/NFIP ends and go up to the Full Dwelling/Contents Value.

Flood Extension and Difference in Conditions (DIC) Enhancement

Some homeowners companies offer this coverage enhancement for a small additional premium. The following are common ways that primary flood coverage is broadened: single location flood; replacement cost coverage; additional living expenses; other structures; basement improvements, basement contents and up to $10,000 of property removal.