Archives for flood insurance

One of the best things about iMGA’s Flood Program is how many of your insureds are eligible for the coverage! The iMGA Flood Program is not limited to dwellings insured with iMGA.

We are able to offer much higher limits in the Flood program – higher than either the NFIP program or our Dwelling and Homeowners programs:

  • Coverage A limits up to $1,000,000,
  • Optional contents coverage up to $500,000,
  • Optional other structures up to $100,000, and
  • Optional additional living expenses up $200,000.

NFIP’s maximum Coverage A is $250,000, and contents are limited to $100,000.

NFIP only provides coverage for detached garages up to 10% of Coverage A – and it reduces the limits available under Coverage A. The 10% available in our program is an additional limit to Coverage A.

Our program also provides up to 5% of Coverage A for trees, shrubs, and plants coverage, and $500 for any fire department charges that the insured may incur during a flood event. NFIP provides $0 for either of those.

Our additional living expense are payable in the event that civil authority prevents access to the property whether or not the insured property is damaged by the flood event. Lost rental income is also covered for rental properties involved in a flood event. Again, NFIP does not cover either.

Also, iMGA’s flood program has a maximum waiting period of 7 days, much better the 30-day waiting period for the NFIP program.

This program is very easy to quote and issue in a matter of minutes. Once you input the address, there are only 12 basic questions to answer, and we will return multiple coverage options with various deductibles from a single request.

We do not need an elevation certificate, which is a huge cost saving benefit for the insured. Since it is based on the actual physical address, and not some Army Corps of Engineers flood map zones, the actual elevation of the property is used from very detailed topographical mapping. So, even if a risk is located in a high flood zone, the rates will vary house to house from the single rate used by the NFIP for that flood zone.

Finally, for insureds who already purchase flood insurance, there is no waiting period. We can issue a policy effective the same day as their NFIP, or other, flood insurance expires!!!

This program is written through Lloyds’ of London which is A. M. Best Rated “A”. Like our other products, payment plans are available with up to 9 payments. Of course, as we do with all of our other products, agents are able to add an agency fee directly to the policy which will be payable both on new AND renewal business which is fully disclosed to the insured and further shows on the declarations page.

This program is available statewide. So, please log into our system and quote your clients’ flood coverage.

Remember, in the flooding that hit the New Braunfels, San Marcos, Wimberley, and Houston areas, fewer than 50% of the flooded homeowners carried flood insurance. The same was true in the 2017 floods in Louisiana. This was not only a tragic situation, but one that lead to many E&O cases for agents. Along those lines, we have provided for a signature line for the insured to sign rejecting the flood coverage quote which can be saved in your files.

We have made the quoting process as simple fast and painless as possible, so give our Flood program a try.

For additional details, please see the Flood Quick Reference guides posted on our website. Or, feel free to call us here at iMGA and speak with either Ishie or Matt at extensions 12 or 13 respectively.

We hope to be your go-to Flood market, and are always happy to help you with any questions on any of our products.

Hurricane Harvey FloodingWe’ve seen first hand in Texas how devastating floods can be. As an agent you know how important it is for your clients – even ones whose neighborhoods haven’t flooded in decades – to have good flood coverage.

Just as important, we’ve seen insureds without flood coverage sue their agents claiming that they were never presented with a Flood coverage quote – making for a big E&O exposure and claim.

iMGA is proud to provide you access to one of the best flood products on the market – one with dwelling limits up to $1 million, plus contents, other structures and loss of use coverage up to a total insured value of $2 million, a wide range of deductible choices, easy payment options and a 1 week or less waiting period.

But the best possible policy isn’t of any use if you can’t present the quote – and it won’t protect you if it isn’t presented.

So at iMGA we’ve now made it so on every iMGA Homeowners quote you can also get a Flood quote with almost zero extra effort. Simply review five extra questions and that’s it – you’ll get a Flood quote too! If your insured rejects that Flood coverage our system gives you a very clear rejection option that you can have them sign – protecting you in the case it turns out later they needed that coverage.

At iMGA we work very hard to make things as easy and useful for our agents as possible. If you’re an iMGA Texas independent insurance agent, quote a homeowners policy today. If not, start the process to become an agent.

 

Disclaimer: Is not currently available in the following counties:
Aransas, Bee, Brazoria, Brooks, Calhoun, Cameron, Chambers, Fort Bend, Galveston, Goliad, Hardin, Harris, Hidalgo, Jackson, Jasper, Jefferson, Jim Wells, Kenedy, Kleberg, Liberty, Live Oak, Matagorda, Montgomery, Newton, Nueces, Orange, Polk, Refugio, San Jacinto, San Patricio, Tyler, Victoria, Waller, Wharton, Willacy

Hurricane Irene's massive size dwarfs the Bahamas on August 24, 2011.

Photo courtesy of NASA

Our thoughts and prayers are with all those who are preparing for what Hurricane Irene may bring this weekend.

Because of her path along the heavily populated East coast of the United States Irene is forecast to affect as much as 1/5th of our nation’s population.

For those of us fortunate enough not to be in that path, it’s important that we take this time to check our own preparations. Hurricanes can cause:

  1. Flooding from storm surge along the coast,
  2. Wind damage both along the coast and inland, and
  3. Flooding inland from heavy rains.
  4. Damage from trees blown down and on to the house.

Texans who live in “Tier 1” (coastal) counties need a special wind coverage policy from the Texas Windstorm Insurance Association (also known as TWIA or “the Texas Windstorm Pool”). All other Texans have coverage for wind automatically on their Homeowners insurance policy.

No Homeowners insurance policy includes flood coverage, though. So if you want or need coverage in case of flooding, contact your independent insurance agent about a flood policy. These are very easy to purchase and, in most cases, very reasonably priced.

If you would like, we’d be happy to refer you to a great independent insurance agent who can make sure you have the coverages you need.


Two years ago today Hurricane Ike slammed into the Texas coast as a Category 2 hurricane but with a storm surge the equivalent of a Category 5. It was the third costliest hurricane in U.S. history (behind only Andrew and Katrina), with almost $30 billion in damages.

We have not yet found any way to prevent a hurricane, or tornado, or any number of other natural disasters. But we can and should be proud of the critical role the insurance industry plays in replacing or repairing damaged property in these catastrophes. Being prepared is key to filling that role in the best way possible.

So, this day, as we remember the devastating losses of two years ago, may we suggest two things:

  1. Make sure your customers know about the damage caused by Ike and other natural disasters and their coverage options including national flood and state wind policy options, if applicable.
  2. Review your agency’s disaster recovery plan. How will you access your documents and systems if your office is inaccessible? How will your insureds know how to reach you?
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