Alliance Insurance Services began writing flood insurance,through a global insurance leader, that goes head to head with FEMA. The alternative rates do not require elevation certificates and other FEMA requirements. By having set rates, you can see from the charts below whether you may be able to spend less for flood insurance.
The real estate market in and around the Charleston SC has been significantly impacted by having a second option. Some homes could not be sold and their owners could not keep them, their flood insurance more expensive than their mortgage. Now, homes for sale in Charleston SC that had outrageous Flood Insurance Rates before, may be able to obtain Flood Insurance at an amount that makes the home sellable.
Terry Murphy, with Alliance Insurance Services, has all ready written enough of the new policies , she feels comfortable with the option. Terry says:
It is very straight forward. It is a private market (Lloyds) for flood insurance. The rates are what they are stated in the flyer (below). No elevation certificate needed; residential only (would include secondary or rental policies); and they only offer a $5000 deductible. We would still encourage most to obtain an elevation certificate and obtain a quote through FEMA . For those looking at the drastic premiums (VE zone and A zones way below base flood elevation) this is definitely an option. Look at it as a best case scenario in a worst case situation.
For more information contact Terry at (843) 881-0103 or Terry.AllianceInsurance@gmailcom