The recent flood insurance map revisions moved many homes in our area from an "A" flood zone to a "V" flood zone. If you are one of these homeowners and are trying to sell your home, I am sure that you are shocked at the pricing potential buyers are being quoted for flood insurance on your home. The Russell Agency has contracted with an insurance provider to offer policies in an alternative flood insurance market that could be extremely helpful to you and your potential home buyers. For homes that have been effected by the Biggert Waters Act flood insurance premium increases, our program could save you several thousand or even tens of thousands of dollars.
The policy has the same coverage as a FEMA policy but requires no elevation certificate. The policy is acceptable proof of flood insurance to mortgage companies under the Biggert Waters Act.
It is important to remember that this is a private market, and unlike the FEMA policy, the insurance company could decide to not renew the policy after a loss or to withdraw from the market entirely. However, for those property owners looking for an immediate savings, this could be a good product for you.