FloodFlex is a commercial flood product designed to eliminate out-of-pocket expenses not covered by traditional flood insurance. The FloodFLEX program, offered exclusively through AmWINS and administered by The Flood Insurance Agency, endorses the policy to increase the loss payable for Coverage A – Building Coverage of a commercial building flood policy from 10 percent to up to 100 percent. The insured receives one payment for the covered flood loss and a second FloodFLEX payment to be used at the insured’s discretion for any purpose, such as loss of income, additional expenses, depreciation, or the deductible.
All states, except New York
No minimum premium, however, there is a minimum earned premium provision tied closely to a seasonal flooding calendar that penalizes those who cancel policies after being insured through the worst of flooding season.
The Flood Insurance Agency (TFIA) specializes in the distribution of private flood insurance throughout the United States. For more than 30 years, TFIA has been at the forefront of the flood insurance industry. It provides access to private market flood insurance as an alternative to the National Flood Insurance Program. The private flood insurance program now insures over $4.5 billion of property spread over 25,000 risks and has registered over 3000 independent agencies in 49 states to market the program.
Ninety-eight percent of all United States counties were impacted by a flood event in 2018, yet many property owners remain unaware of their true risk of flood or what their existing policies cover. This article highlights key statistics about flood risk and outlines the differences between the National Flood Insurance Program and private market flood insurance.