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Case Study

The Jacksonville Beach Homeowner Who Cut Their Premium by 40%

How a Private Policy Beat the NFIP for a High-Value Coastal Property

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A Family Upgrading to Their Dream Beach House

Meet the Miller family, who were purchasing a beautiful, newly-renovated home in  Jacksonville Beach (32250), 

just a few blocks from the ocean. They understood that living near the coast meant flood insurance was a necessity, 

but they were unprepared for the initial quote.

 

The Problem

A High Premium for High Risk

Because the home was located east of A1A, it was in a high-risk flood zone and highly exposed to coastal surge flooding. Their initial NFIP quote, based on the new Risk Rating 2.0 factors, came in at $5,500 per year. The "Distance to Water" (the Atlantic Ocean) and "Type of Flooding" (coastal surge) were major drivers of this high cost. The family felt deflated, as this significant expense strained their budget for the new home.

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The Guide

The Flood Insurance Guru Provides a Coastal-Specific Strategy

The Millers' real estate agent knew that coastal properties have unique insurance challenges and recommended they speak with us. They needed a guide who understood not just the NFIP, but the private market's appetite for coastal risk.

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The 3 Step Plan

Leveraging a Home's Strengths on the Private Market

Step 1

Analyze the Property's Resilience

We conducted a Flood Risk Assessment and noted two key features: the home was built on elevated pilings (stilts), and it had modern, flood-resistant construction materials from the recent renovation. The NFIP's rating system accounts for this, but not always as aggressively as the private market.
Step 2

Shop the Private Coastal Market

We took these specific risk-mitigating factors to our network of private insurers who specialize in coastal properties. They have sophisticated modeling that can give more credit for specific construction types that perform well in a coastal surge.
Step 3

Present a Superior Option

We found a private carrier that offered a policy with better terms and a significantly lower premium.
The Success

Better Coverage, Lower Cost, Peace of Min

The private policy we found offered the Millers:

  • $750,000 in building coverage (vs. the NFIP's $250k cap).
  • $250,000 in contents coverage.
  • $50,000 in Additional Living Expenses (ALE).

The premium for this superior policy was $3,300 per year, a saving of $2,200 annually (40%) compared to their NFIP quote.

This saving made their dream home comfortably affordable, and they moved in with the peace of mind that they had robust coverage specifically designed for the realities of coastal living.

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The Failure Avoided

Without exploring the private market with an expert, the Millers would have been forced to accept the high NFIP premium, believing it was their only option. They would have been paying more for less coverage, and the financial strain could have caused them to reconsider their dream purchase altogether.

Living near the water doesn't have to mean overpaying for insurance. Let us find the right policy for your coastal home.

 

Coastal home exposed to flood risk, illustrating the importance of proper flood insurance