Markel American Insurance Company has introduced new Excess Flood insurance program for residential and non-residential properties in Alabama, Arizona, California, Colorado, Mississippi, North Carolina, Oregon, Pennsylvania, South Carolina and Virginia.
The Markel American Insurance Company (MAIC) Excess Flood program will provide property owners with coverage in excess of the National Flood Insurance Program (NFIP). The new MAIC program will be offered through Advanced Insurance Coverages, a wholly owned subsidiary of National Flood Services, and is designed to provide additional protection for the tens of thousands of property owners who are affected by flooding each year.
Timberlee Grove, president and COO of Markel American Insurance Company, said: Since most standard homeowner insurance policies don’t provide coverage against flood damage, homeowners have traditionally turned to the NFIP for flood protection. However, the NFIP doesn’t offer enough protection for many homeowners, given the maximum $250,000 available for dwelling coverage. MAIC’s Excess Flood insurance allows property owners to more fully protect against flood damage.