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Individual Excess Flood Insurance from GMG Insurance

A basic flood policy from the National Flood Insurance Program, better known as NFIP, will pay up to $250,000 for direct physical damage done to the insured property by floodwater. The policy can be enhanced to insure a home’s contents for up to $100,000.

For many of GMG Insurance’s high-net-worth clients, this simply isn’t enough coverage. The value of their homes and the costs to replace destroyed contents require higher limits of insurance.

When Standard Coverage Isn’t Enough

The first step in determining your coverage needs is to ascertain your flood risk. While floods can occur just about anywhere, some zones are at higher risk than others. Your GMG Insurance agent will assess your vulnerability and talk with you about what qualifies as a “flood.” That encompasses things like sewer and drain backups due to flooding and torrential rains that overwhelm drainage systems, so not all floods result from overflowing riverbanks or lakes.

We’ll also take an inventory of your at-risk personal articles and your home’s value. If these exceed the limits of coverage available through the government’s NFIP policies, we will help you find adequate insurance on the private excess flood insurance market. Under an excess flood insurance policy, you can also find coverage for the costs of temporary living arrangements should a flood make your residence uninhabitable.

These policies are especially important for those with high-value homes, expensive vacation homes, and extraordinary contents, such as high-cost art. It can be secured by renters and property owned by trusts, if needed.

Floods can sweep away property or coat it in mud and other contaminants.

Turn to GMG Insurance for personalized attention on managing your assets and securing products that accommodate your lifestyle, now and as it changes over time. Contact us at (215) 497-9240; (800) 540-7900; or email at