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An Alternative to the National Flood Insurance Program?

Most of us have heard of NFIP – the National Flood Insurance Program – even if we don’t own homes that are situated in flood zones. Now, a company called CatCoverage is offering an online alternative to national flood insurance.

Known as NCIP – the Natural Catastrophe Insurance Program – this new product is available to agents and brokers as well as direct to consumers.

It’s a web-based program that offers, “primary layer insurance for the perils of landslides, floods, and earthquakes.” The policies are being underwritten by Lloyds, which has a reputation of being one of the best in the business. It is administered by Salt Lake City, UT – based Poulton Associates, Inc., which also created the program. Poulton’s director of wholesale marketing, Marissa Halverson, says that many consumers and insurance professionals still think the NFIP is the only source of flood insurance. allows both business and residential property owners to purchase flood, earthquake, and landslide coverage under one insurance policy. In addition, customers can choose coverage options that NFIP doesn’t offer, such as additional living expenses for homeowners, loss of income coverage for businessess, and other expenses.

Estimates show that roughly 83% of Americans do not have any kind of flood or catastrophe insurance, and about a third of them erroneously believe that standard homeowners insurance covers flooding and other such damage. (It does not.)

So far, the web-based CatCoverage is available in 27 states.

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