A Comprehensive Guide to American Bankers Flood Insurance

Flooding is the most common and costly natural disaster in the United States. Having flood insurance can provide financial protection and peace of mind for homeowners and renters. American Bankers Insurance Company of Florida is one of the largest providers of flood insurance policies through the National Flood Insurance Program (NFIP). This guide will provide an in-depth overview of American Bankers flood insurance.

Overview of American Bankers Insurance Company

American Bankers Insurance Company of Florida is a subsidiary of Assurant, Inc. Assurant is a publicly traded company that provides risk management solutions in sectors like housing, lifestyle, and automotive.

American Bankers Insurance writes policies for home, flood, renters, and manufactured home insurance. They have partnered with the NFIP as a Write Your Own (WYO) carrier since 1983. This enables them to issue and service standard NFIP policies on behalf of the federal government.

The company is licensed to sell flood insurance in all 50 states plus Washington D.C., Puerto Rico, and the U.S. Virgin Islands. Their flood products are marketed under Assurant brand names including:

• American Bankers Insurance Company of Florida
• Standard Guaranty Insurance Company
• Voyager Indemnity Insurance Company

Flood Insurance from American Bankers

American Bankers Insurance Company issues NFIP flood policies with the same rates, coverage, and deductibles as the standard NFIP program.

The key types of flood insurance policies offered include:

• Building coverage – Covers structural damage to homes and other buildings. Available for both residential and commercial properties.

• Contents coverage – Provides protection for belongings inside a home or business like furniture, electronics, clothing, and other possessions.

• Basement coverage – Add-on protection for finished basements and any belongings stored in a basement.

• Increased Cost of Compliance (ICC) – Covers cost to elevate, relocate, or demolish damaged structures to comply with floodplain management regulations. Available on residential and non-residential building coverage.

Coverage limits for residential policies are:

• Building coverage up to $250,000
• Contents coverage up to $100,000
• ICC coverage up to $30,000

There are also options to add excess flood insurance above the NFIP limits through private insurers.

Applying for Flood Insurance

The process for purchasing an American Bankers flood insurance policy is straightforward:

• Contact your insurance agent – Your existing home, renters, or auto insurance agent can provide a quote and apply on your behalf. You can also search online for agents familiar with Assurant brands.

• Provide property details – Information needed includes the property address, details on the home or building, desired coverage amounts, and deductible preference.

• Application and payment – The agent will submit the flood insurance application and take your initial premium payment. Online signup may also be available.

• Policy processing – American Bankers will process the new business submission and issue the NFIP flood policy in around 5-10 business days.

• Policy delivery – You will receive a copy of the flood insurance policy outlining coverages, limits, deductibles, and any optional endorsements.

Applying is easiest when working with an insurance professional familiar with NFIP products. American Bankers flood insurance policies can be purchased directly or indirectly through independent and captive insurance agents.

Why Choose American Bankers for Flood Insurance?

There are a few key reasons American Bankers flood insurance stands out as a top choice:

• Meets mandatory purchase requirements – Their NFIP policies satisfy lender and floodplain mandates for flood insurance.

• WYO experience – Has 4 decades of experience serving as a Write Your Own carrier.

• A+ rating – American Bankers Insurance Company holds an excellent financial strength rating from A.M. Best.

• Strong customer service – Provides policyholders with helpful guidance and support through their flood insurance experts.

• Speedy claim payments – Has a record of prompt claims handling and payments after qualifying flood losses.

• Policy discounts – Offers discounts like multi-policy, multi-loss prevention, and new purchase to help lower premiums.

• Flexible payment plans – Lets customers pay premiums in full or through monthly or quarterly installments.

For homeowners and renters in flood hazard zones, American Bankers offers a trusted source for NFIP flood coverage.

How American Bankers Flood Claims Work

Following a covered flood loss, American Bankers provides guidance to policyholders for starting the claims process:

• Prompt reporting – Losses should be reported immediately upon discovery of flood damage. This can be done by contacting your insurance agent or calling American Bankers directly.

• On-site inspection – An adjustor will schedule a time to inspect your property and document damage. You don’t need to wait for the adjuster to start clean-up or repairs.

• Damage documentation – Be sure to take photos and videos as evidence of flood damage and keep copies of repair receipts.

• Proof of loss form – This must be submitted to American Bankers within 60 days of the loss along with documentation supporting your claimed damages.

• Settlement – Once the claim is approved, the insurer will issue payment for covered losses within 5-7 days after receiving your proof of loss form.

• Appeals process – You can appeal if you disagree with the claims decision. American Bankers personnel can explain the appeals procedure.

The NFIP sets caps on how much insurers can pay for administrative expenses to ensure claim settlements are maximized. American Bankers has a long track record of timely and fair flood claims resolutions.

Limitations of American Bankers Flood Insurance

While flood policies from American Bankers provide valuable protection, it’s important to understand the program’s limitations:

• No coverage for contents in basements – Unless you add separate basement coverage, belongings in a basement are excluded.

• Limited basement coverage – Basement coverage only applies to certain finished structural elements and a few personal items.

• No business interruption coverage – NFIP policies do not cover loss of business income from suspended operations due to flooding.

• High deductibles – Deductibles for NFIP policies are $1,000+ for contents and $1,000 – $10,000+ for structures.

• No coverage for mold damage – Damages from mold and fungus due to flooding are excluded under standard flood policies.

• Long waiting period – Flood policies do not cover damage until 30 days after purchase.

To fill gaps, adding excess flood or business interruption riders from private insurers is recommended. An insurance broker can advise on supplementing American Bankers’ NFIP policy.

How Much Does American Bankers Flood Insurance Cost?

American Bankers offers the same flood insurance rates as the NFIP. Premiums are based on:

• Geographic location’s flood risk
• Building occupancy type (e.g. single family home, non-residential building)
• Building characteristics like foundation type, number of floors, date of construction
• Total amount of coverage purchased
• Selected deductibles

On average nationwide, NFIP policyholders pay around $700 annually for building and contents coverage. However, premiums vary widely based on the above risk factors.

American Bankers agents can provide quotes specific to your property. There are also online flood insurance calculators that estimate premium costs based on your address and desired coverage.

Some ways to lower your flood insurance rate include:

• Choosing higher deductibles
• Buying lower coverage limits if permitted
• Asking about all available discounts
• Improving home flood resilience
• Purchasing during low-risk seasons

How to File an American Bankers Flood Claim

If your property suffers a covered flood loss, use this checklist to ensure your American Bankers flood insurance claim goes smoothly:

• Report the loss immediately to your insurance agent or American Bankers. Provide details on the flooding event, damage observed, and contact information.

• Take extensive photos and videos documenting the flood impacts throughout the building. This visual evidence will be important for the adjuster inspection and claims settlement.

• Clean up and make repairs needed to prevent further building deterioration. Keep all receipts for repair expenses and damaged contents to submit. Flood coverage lets you start cleanup right away.

• Work cooperatively with the claims adjuster who will visit to inspect damages and prepare a repair estimate. Point out all areas impacted. If needed, get a second opinion on the damage assessment from your own contractor.

• Carefully review the claims estimate and coverage determinations. Ask the adjuster to explain anything that is unclear before signing the estimate.

• Submit your completed proof of loss form within 60 days of the flood date, along with supporting damage documentation. Keep copies for your records.

• After claim approval, the settlement payment will arrive within 5-7 days. If you disagree with any denial or the claim valuation, start the appeals process promptly.

Prompt communication is key throughout the process. Contact American Bankers with any questions or challenges encountered along the way.

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