NFIP vs. Private Flood: Determining the Right Mix for Your Business

News Release

As NFIP reforms are debated, there have been short-term lapses in the NFIP during recent government shutdowns and widespread uncertainty in the market around the program’s future. In response to this uncertainty, the private flood market has grown an estimated 25-30% during the last year. At Assurant, we’re seeing renewed interest from agents in contracting to write private policies across residential, condo and commercial properties, and we’re actively innovating to ensure we can help agents and insureds prepare for the future of the flood market.


National Flood Insurance Program

Assurant Private Flood
(for Residential, Condo and Commercial Properties)


Standardized by NFIP

Residential: Up to 10-15% in cost savings compared to NFIP


Condo & Commercial: Up to 25% cost savings compared to NFIP


Standard Coverage

Residential: Up to $250,000 building coverage and $100,000 contents coverage


Non-Residential: Up to $500,000 for non-residential and $500,000 contents coverage

Residential: Up to $800,000 building coverage and $250,000 contents coverage


Condo: Up to replacement cost or total number of units x $300,000 (whichever is less) and $150,000 in contents coverage per unit; coverage of common areas to maximum of $5,000


Commercial: Up to $1,000,000 building coverage and $500,000 contents coverage




Additional Coverage


Up to $10,000 in discretionary FlexCash for residential and commercial properties, plus excess flood coverage up to $500,000 above NFIP limits with increased coverage options for personal and real property damage


Waiting Period

30 days

14 days – waiting period waived for NFIP or private-to-private rollover policies


Continuous coverage of program

Lapses occur during government shutdowns





Reliability of claims payout

Guaranteed by U.S. government

Guaranteed by Assurant, a financially secure, Fortune 500 company



Accepted by Mortgage Lenders






Elevation certificate required

Required for post-firm A & V zones

Uses LIDAR’s predictive risk modeling in place of elevation certificates




All states

30 states representing 80%+ of the flood market




Ease of application

~80 questions

~20 questions with an eligibility decision in 4 questions



Assurant was a charter member of the NFIP in 1983

Assurant is one of the first companies to bring private flood products to market


Regulatory Expertise

Works directly with FEMA to navigate complex regulatory requirements

Works directly with FEMA to navigate complex regulatory requirements



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