At Preferred Insurance Agency, we’re committed to providing the best coverage options for our clients. We’re excited to announce that we’ve partnered with five new private flood insurance carriers, giving homeowners and businesses in La Crosse, WI, and beyond more choices when it comes to protecting their property from flood risks.
With these new partnerships, we can now offer more competitive pricing, enhanced coverage, and greater flexibility than ever before. But what does this mean for you, and how does private flood insurance compare to the National Flood Insurance Program (NFIP)? Let’s break it down.
NFIP vs. Private Flood Insurance (NCIP)
For years, the National Flood Insurance Program (NFIP) has been the go-to option for homeowners needing flood insurance, especially in high-risk areas. However, as the insurance market evolves, Non-NFIP Private Flood Insurance (NCIP) has become an attractive alternative. Here’s a look at the key differences:
1. Coverage Limits
- NFIP: Coverage is capped at $250,000 for residential buildings and $100,000 for contents (personal belongings). For businesses, building coverage is limited to $500,000.
- NCIP (Private Flood Insurance): Many private flood insurance policies offer higher coverage limits, allowing homeowners and businesses to better protect their investments. Some policies even cover multiple structures under one policy.
2. Pricing & Affordability
- NFIP: Premiums are set by FEMA and can be costly, especially for properties in high-risk flood zones.
- NCIP: Private flood insurers use advanced risk modeling to offer customized rates. In many cases, homeowners can find lower premiums compared to NFIP policies.
3. Waiting Periods
- NFIP: There’s typically a 30-day waiting period before coverage takes effect, making it challenging for last-minute policy purchases.
- NCIP: Many private insurers offer shorter waiting periods—sometimes as little as 10 to 14 days or even immediate coverage in certain cases.
4. Additional Coverage Options
- NFIP: Standard policies only cover structural damage and some contents, but not additional living expenses (ALE) if you are displaced from your home.
- NCIP: Many private policies offer expanded coverage, including:
- Replacement cost coverage for contents (not just actual cash value).
- Loss of use coverage, which helps pay for temporary housing if your home becomes unlivable.
- Basement coverage for finished areas, which is often limited under NFIP.
5. Flexibility & Underwriting
- NFIP: Strict underwriting guidelines mean some properties are considered high-risk, leading to high premiums and fewer coverage options.
- NCIP: Private flood insurers use more sophisticated underwriting tools, allowing them to offer policies for a wider range of properties, including those that may not qualify for NFIP coverage.
Why Consider Private Flood Insurance?
With our expanded partnerships, Preferred Insurance Agency can now offer customized private flood insurance solutions that better suit your needs. Whether you own a residential home, rental property, commercial building, or even a secondary vacation home, we can help you find a policy that provides the right level of protection at an affordable rate.
Key Benefits of Our New Private Flood Insurance Options:
✔ More Coverage – Higher limits and expanded protection options.
✔ Lower Costs – Competitive pricing based on modern risk analysis.
✔ Faster Coverage – Shorter waiting periods and streamlined underwriting.
✔ Better Protection – Additional benefits like loss of use and basement coverage.
Get a Free Flood Insurance Quote Today
Flooding is one of the most common and costly natural disasters—but the right insurance policy can protect your home and financial future. If you’re currently relying on an NFIP policy, or if you’ve never explored private flood insurance, now is the perfect time to compare your options.
Contact Preferred Insurance Agency in La Crosse, WI, today to learn more about our new private flood insurance carriers and find out how you can save while getting better protection.
📞 Call us at 608-881-6566
📧 Email us at tony@preferredlax.com
🌐 Visit us at http://www.preferredlax.com
Let’s make sure your home or business is fully protected from the unexpected!