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NFIP Flood Insurance |
| Program Summary |
| Initiated in 1973 by the Federal Insurance Administrator, this program allows individuals and companies to insure against the peril of flood. The Federal Regulatory agencies require mandatory purchase for mortgage loans where the subject property is located in an A or V zone. |
| The insurance is to be carried for the life-of-the-loan or until a future FEMA map revision releases the borrower from such requirements. Despite popular belief, flood insurance can be purchased regardless of flood zone so long as the community is of 'Participating Status'. |
| Floodwatch has full access to the National Flood Insurance Program underwritten by Omaha Property & Casualty Insurance Company. Omaha Property & Casualty (OPAC) was the first company approved by the Federal Insurance Administration to write flood insurance under the 'Write-Your-Own' flood insurance program. |
| Since that time, OPAC has grown to become one of the largest writers for the NFIP program nationwide. This program can be accessed via the Internet and provides all of the accompanying services needed to place NFIP flood coverage. |
| All rates and policy forms are nationally promulgated which eliminates price and product sensitivity between insurance vendors. |
| Complete Compliance Solution |
| Flood Zone Determinations - Agents & Brokers |
| Flood Zone Determinations - Banks |
| Force Placed Flood & Hazard Insurance |
| Accessing the Service |
 | | This service can be accessed via phone, fax or internet. This process requires a two page application accompanied by an Elevation Certificate on newer properties (this varies by location and construction date).
If you own an insurance agency, we can provide flood rating software at no charge enabling you to control the underwriting process and add profit to your commission revenues. |
| Coverage Limits Available |
| | 2-4 Family |
| | | Building Coverage: $250,000 |
| | | Contents Coverage: $100,000 |
| | Commercial (including small business) |
| | | Building Coverage: $500,000 |
| | | Contents Coverage: $500,000 |
| | Other Residential |
| | | Building Coverage: $250,000 |
| | | Contents Coverage: $100,000 |
| | Residential Condo |
| | | Building Coverage: $250,000* |
| | | Contents Coverage: $100,000* |
| | | * Coverage amount multiplied by number of units. |
| | Single Family |
| | | Building Coverage: $250,000 |
| | | Contents Coverage: $100,000 |
| Eligible Properties |
| | Commercial |
| | | Occupied or Vacant Commercial Buildings |
| | | Commercial 'Real Estate Owned' (REO) |
| | | Residential Dwellings of more than four families |
| | | Apartment Buildings, Office Buildings, Farms, and other commercial properties |
| | Residential |
| | | 1 - 4 Family Dwellings |
| | | Owner or Tenant Occupied Dwellings |
| | | Seasonal or Vacant Dwellings |
| | | Real Estate Owned Property (REO) |
| | | Condominiums |
| | | Mobile Homes (subject to community tie-down requirements) |
| Special Conditions |
| | Properties must be located in 'Participating Communities' that have met and maintained floodplain management requirements as determined by FEMA. Properties in 'Non-Participating' communities are ineligible for the N.F.I.P. sponsored program. |
| For additional information please contact us |
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The above information provides only a general description of the coverage afforded in the policies offered and should not be considered as altering the insuring agreements, terms, conditions, exclusions and endorsements of the policy itself. Please read the provisions contained in the actual policies and discuss them with your insurance professional. |
