Author Topic: Federal flood insurance has a cap  (Read 168 times)

rcjordan

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Federal flood insurance has a cap
« on: October 11, 2018, 02:13:09 AM »
NFIP was mentioned in the hurricane thread.  The media often misrepresents it as subsidized full coverage. It has a limit of $250k on residential and $500k commercial.  Soooo, those million-dollar beach cottages that are swept away? The owner takes a big hit unless he's bought wildly expensive Excess Flood Insurance from Lloyd's or somesuch.

ergophobe

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Re: Federal flood insurance has a cap
« Reply #1 on: October 11, 2018, 03:20:48 AM »
unless he's bought wildly expensive Excess Flood Insurance from Lloyd's or somesuch.

Yup... that's me. Not flood of course. The other F-word. All the high-risk insurers, who go by several names, lead back to Lloyd's.

rcjordan

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Re: Federal flood insurance has a cap
« Reply #2 on: October 19, 2018, 07:15:13 PM »
"Specifically, uninsured flood loss for the same {NC,SC,VA) area is estimated to be between $13 billion and $18.5 billion. Wind losses are estimated to be an additional $1 billion to $1.5 billion."

Or roughly 3-4 times the estimated insured loss.

https://www.corelogic.com/news/the-aftermath-of-hurricane-florence-is-estimated-to-have-caused-between-20-billion-and-30-billion-in-flood-and-wind-losses-cor.aspx