Excess Flood Insurance
Excess flood insurance offers limits above and beyond a primary policy – whether written through the NFIP or a private carrier. Most homeowners that are required to have flood insurance write it through the government backed NFIP. However, NFIP policies only offer a maximum coverage of $250,000.
Consequently, if the expense to replace or repair your home exceeds $250,000, a standard NFIP flood policy won't be enough. By adding excess flood insurance to your policy, you can increase your standard coverage up to an additional $500,000 - covering your home up to $750,000 total.
That means buying:
- A NFIP or private carrier policy worth $250,000 and
- An excess flood insurance policy for the additional coverage needed
Excess Flood limits may vary based on the state where you are located, so ask your New Jersey Flood Insurance agent for more information.