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#2252340 - 04/14/21 12:37 PM Can you have 2 Policies for 1 Structure
BankerProbs Offline
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Joined: Nov 2012
Posts: 7
Can you have 2 policies (NFIP and private) to meet the minimum flood requirement for one structure?

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Flood Compliance
#2252354 - 04/14/21 04:28 PM Re: Can you have 2 Policies for 1 Structure BankerProbs
Jim Schue Offline
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Joined: Jan 2017
Posts: 21
Yes, to my knowledge a private flood insurance policy can be purchased to supplement a NFIP policy. You just don't want to create a situation where the customer is over-insured.
Last edited by Jim Schue; 04/14/21 04:31 PM.
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#2252384 - 04/15/21 11:40 AM Re: Can you have 2 Policies for 1 Structure BankerProbs
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,591
Galveston, TX
The private policy would have a deductible equal to the NFIP policy. I have a private policy on my house with a $250,000 deductible up to it's total insurable value as we have the maximum NFIP policy. Seems a little weird to have a private policy kick in before the NFIP policy is maxed out though. .
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