"We saw that consumers with coastal high-rise condo units above the third floor needed a more cost-effective flood insurance alternative," says
SIU's high-rise condo unit flood program is insured by Lloyd's of
Nelson says these flood policies for individual condo units typically cost 20-35 percent less than NFIP coverage and can serve as primary flood insurance or as excess coverage over an in-place NFIP policy. Coverage essentially matches NFIP provisions, and there is no waiting period. While currently only offered in
"Until now, the owners of condo units on higher floors paid the same rates as the owners of condo units on lower floors that are at greater risk," Nelson says. "This product provides an alternative and may offer significant cost savings."
It's important to know that high-rise condos in flood-prone coastal areas that have a mortgage that is federally regulated or secured are required to have flood insurance. SIU's new program also may encourage coastal high-rise condo unit owners who do not hold a mortgage to insure their property with this more affordable alternative.
Nelson notes that many insureds in these markets may be on "auto-pilot" in terms of renewing their flood insurance, and says the company hopes this private insurance alternative might encourage consumers to look at their coverage anew.
The high-rise condo unit flood product is marketed through SIU's network of independent insurance agents. Consumers interested in the product may contact SIU directly for referral to an appointed agent in their area: 678-498-4612.
Read the full story at http://www.prweb.com/releases/2014/06/prweb11908152.htm
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