Why Don't Property Owners Have Flood Insurance? 4 of 5

Looking to the Future

There are currently 5.2 Million homes insured through the NFIP and that number is falling .

"There is some ancecdotal evidence that homeowners have begun to take advantage of more sophisticated flood products," said John Dickson, president of Advanced Insurance Coverages, Inc. (AIC), a broker specializing in private flood solutions. "By imposing new policy surcharges and increasing certain rates, Biggert Waters and HFIAA opened the door to private market to compete with the NFIP," Dickson said. "While we are focused on improved flood insurance pricing, we also provide products that fill the NFIP coverage gaps around basements and additional living expenses." 

One such policy offered by AIC is FloodWrap, a policy designed to address the NFIP coverage gaps. Excess Flood insurance is also offered by AIC and can increase the limits of eligible NFIP policies up to $20 Million based on specific risk types.

Private insurance flood policies that serve as an alternative to the NFIP are offered through large well- capitalized companies. Recognizing the significant risk flood represents, these products are emerging in a disciplined and structured manner. For example, the private flood policy offered through AIC is available only for single family homes located in 'A' flood zones.

Please let us know your thoughts 
Bobby Bates
Sterling Peaks Insurance
1048 Independent Ave Suite A205
Grand Junction, CO 81505
​970-314-9188

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