Frequently Asked Questions

(1) What should we look for in a Homeowners, Dwelling or Condo Policy?

First, make sure it's with an insurance carrier rated at least A-/Excellent by the 
A.M. Best Co. Second, make sure you're buying a Homeowners HO-3 Form, Dwelling 
DP-3 Form, or Condo Unit-Owners HO-6 Form. Third, try to get a Flat Deductible for                      all the perils covered by your policy.

(2) What's a Flat Deductible?

A Flat Deductible is a deductible that applies to all covered Property Insurance perils,               including Wind, Hurricane and Hail. For instance, if you have a $500 or $1,000 Property             Deductible, make sure that it also applies to Wind, Hurricane and Hail claims.

(3) What's a Percentage (%) Deductible?

Some policies use a percentage (%) of your Homeowners/Dwelling/Condo amount of             insurance to calculate your Wind, Hurricane and Hail deductible. For instance, if your                 home is insured for $500,000, your Wind, Hurricane and Hail Deductible could be                         anywhere from 1% ($5,000) to 5% ($25,000), or higher! The same holds true for                         Commercial Property Insurance. Some insurance carriers use a percentage (%)
of your Building Insurance amount to calculate your Wind, Hurricane and Hail Deductible.

(4) What should we know about Flood Insurance?

Whether you buy your Flood Insurance from FEMA, or through a private insurance                 company like Selective Insurance Co. or The Philadelphia Contributionship
all the rules and rates are the same, and are set by FEMA.

        These are the FEMA maximum amounts available:

        Coverage Type                                             Coverage Limit

        One- to Four-family structure                                              $250,000
        One- to Four-family home contents                                     $100,000
        Other residential structures                                                 $250,000
        Other residential contents                                                    $100,000
        Business structure                                                                 $500,000
        Business contents                                                                  $500,000
        Renter contents                                                                     $100,000

(5) What if I want to buy more Flood Insurance than the FEMA maximums?

Excess Flood Insurance is available from several markets, including Lloyd's of London, at         affordable premiums. Give us a call!

(6) What is the chance of my property getting flooded?

You can check your relative flood risk at FEMA's FloodSmart website. Just plug in your          property location and you'll see the results right away.

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