Trevor had always been proud of his beautiful home in Florida. He had spent years working hard to save up enough money to buy it, and he loved everything about it, from the spacious backyard to the cozy front porch. But there was one thing that he didn’t love about his home – the flood insurance.
Trevor had always been required to have flood insurance for his home because it was located in a high-risk flood zone and he has a federally backed home loan. Unfortunately, he had never been happy about it. He felt that the Federal Emergency Management Agency (FEMA) flood maps had incorrectly marked his home being located in a high risk flood zone, which meant that his premium was much higher than he would have liked. He had always felt that it was unfair that his federally backed home loan only allowed him to purchase flood insurance from the National Flood Insurance Program (NFIP). He felt he was being forced to pay more for insurance than he should and he was not even able to look at private market options.
Another reason Trevor didn’t like the NFIP policy was because it did not cover detached structures like garages or sheds. This was a big concern for Trevor as he had always dreamed of building a detached two-car garage for his home. He worried that if his garage was damaged in a flood, he would not be able to afford to repair it.
But then, something changed. The Federal Housing Administration (FHA) announced that they would now accept private market flood insurance. Trevor was ecstatic when he heard the news. He had always felt that the private market would be a better fit for him and his home, and he was eager to explore his options.
He began researching the different private flood insurance companies and comparing their rates and coverage options. He quickly realized that there were many more options available to him than he had ever thought possible. At first he was overwhelmed, but he reached out to his local independent insurance agent. The agent was able to find Trevor a flood insurance company that offered him much more coverage than he had before, and at a much lower premium. With this new policy, the detached structures like garages and sheds were included in the coverage.
Trevor was thrilled with the change. He felt that he was finally getting the coverage he needed for his home and his newly built detached garage!