ASI Introduces New Flood Endorsement For Home Insurance Policies

We are thrilled to let you know that today, Monday, July 27, 2015, we have introduced our new HO3 Flood endorsement. You heard that correctly. We now offer a Flood endorsement for our HO3 product. Don't fret too much because it soon will be available for our other homeowners and dwelling products.

The Flood endorsement has many great features, many of which we discuss in more detail below. One highlight is that for those homeowners who qualify, they will have just one policy rather than two. That is great news to those who don't want to fuss with two policies.

Other features include:

• Increased Building Limits. The endorsement offers Building Limits coverage of up to $5 million. That is a significant increase compared to the National Flood Insurance Program's Building Limit of $250,000. In fact, the limit is 20 times what the NFIP offers. The endorsement's minimum Building Limits coverage is $100,000.
• Increased Contents Limits. The endorsement allows for Contents coverage up to$1 million, which is 10 times the $100,000 limit the NFIP offers. The endorsement's minimum coverage is $50,000.
• Replacement Cost on Buildings. The Replacement Cost on Buildings coverage offered by the endorsement is included in the endorsement and for both primary and secondary homes. The NFIP only offers coverage on primary residences. This benefit is tremendous to those who own more than one home.
• Replacement Cost on Contents. The coverage for Replacement Cost on Contents is included as part of the endorsement. The NFIP does not offer Replacement Cost on Contents coverage.
• Competitive Rates. The rates are, on average, significantly lower than the NFIP. In fact, the endorsement's pricing is comparable to the NFIP's October 2013 rates. With the many changes made to the NFIP through the Homeowner Flood Insurance Affordability Act of 2014 and the Biggert-Waters Act of 2012, the endorsement's lower rates will be welcomed news to many homeowners.