Excess Flood


Hello this is Victor Gabuardi. I’m with
We Insure and this is going to be a follow-up of the last video we had
regarding flood insurance. This week I was working with a client that is making
a purchase. He is in a high-risk flood zone and his bank was requiring flood
insurance, but the question was asked. Why two hundred and fifty thousand if the
home dwelling replacement cost was four hundred thousand. Why was the bank only
requiring two hundred and fifty? and the short answer is, the national flood
insurance program only offers to up to two hundred and fifty thousand dollars
in coverage for a dwelling and that is what the bank requires. Now that leaves a
hundred and fifty thousand dollars gap between the dwelling replacement costs
and what the flood insurance covers through the National Flood Insurance
Program. So there’s two ways that you can remedy that. You can either buy the two
hundred fifty thousand plus an excess flood insurance or you have the
option of going to the private market to make sure that you’re covering for the
total value of your home. Because if you do have a damage from flood and your
home let’s say, water sits on the base of the home for a period of time, where the
base is compromised and that home its total, you will only receive two hundred
and fifty thousand dollars from the National Flood Insurance Program, because
that is the most they will insure your home for, that is why you need to make
sure that you are reviewing your policies asking the questions to your
agent and making sure that you have sufficient coverage for your home. If you
would like us to do a complimentary review of your policies
please give us a call. Our number is 305 228-7520 / 305 228 7520 or you can go
to our website VictorGabuardi.com thank you my name is Victor Gabuardi, I am
with We Insure VictorGabuardi.com 305-228-7520

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