This new residential flood program builds on Myron Steves’ decades of experience in protecting homeowners in times of need. With a wider scope of coverage and a choice of higher limits, this program offers more comprehensive protection than alternative flood products currently available.
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NATIONAL FLOOD INSURANCE PROGRAM (NFIP) |
RESIDENTIAL FLOOD THROUGH MYRON STEVES |
| Maximum limits |
Dwelling $250k and contents $100k |
Dwelling $1m, personal property $700k, other structures $100k and additional living expenses $200k. |
| What’s the definition of flood? |
Complex definition requires two or more acres of normally dry land or two or more properties (one of which is the insured’s) to be flooded. |
Simple definition that dovetails with the standard homeowner wording. |
| Are other structures covered? |
Only covers detached garages up to 10% of the dwelling limit, reducing the main limit of indemnity for buildings. |
Coverage limited to 10% of the dwelling limit, which is in addition to the main limit of indemnity for buildings. |
| What about materials and supplies? |
Materials and supplies must be stored in a ‘fully enclosed’ building. |
No stipulation that materials and supplies are within a fully enclosed building. |
| Fixtures |
Restrictions apply on listed items of fixed property. |
Covers the dwelling, materials and supplies on or next to the residence premises. |
| Is personal property covered? |
Property only covered ‘inside’ a building. |
Property covered while anywhere in the world. |
| Special limits for personal property |
$2.5k combined ‘loss limit’ for various categories of personal property |
Broader coverage with separate limits for the various categories of personal property rather than one single combined loss/event limit |
| How will this policy help you in a flood? |
$1k towards cost to protect property from imminent danger of flood. |
$2.5k towards cost to protect property from imminent danger of flood. |
| Is loss of use offered? |
No |
Yes – up to time of repair or permanent relocation. |
| Is rental value offered? |
No |
Yes |
| Are costs paid if a civil authority prevents access to the property? |
No |
Yes – two weeks of additional living expense and rental value. |
| Are trees, shrubs and plants covered? |
No |
Yes – up to 5% of the dwelling limit with an item limit of $500. |
| Are fire department charges covered? |
No |
Yes – up to $500. |
Coverages and exclusions differ by carrier and by state. Specific concerns can be discussed with an underwriter.