Frequently Asked Questions
Millennial Specialty Insurance (MSI) is a managing general underwriter. MSI leverages proprietary technology to provide a spectrum of flood insurance options to fit the consumers’ needs in our MSI Flood Marketplace. Our technology platform is tailored to make the flood insurance purchasing experience as easy as possible.
In most cases, a property owner's insurance policy does not provide any flood coverage. Flood is an excluded peril from property owner's insurance policies. In certain cases, a property owner's insurance policy may be endorsed to provide flood elated coverage. Please check with your licensed insurance agent or your property owner's insurance carrier for specifics related to your policy.
Flood insurance sold through this website will provide coverage against flood losses for your building (including foundation, electrical, plumbing, central air conditioning, HVAC, cabinets, paneling, etc.) and contents coverage (clothing, furniture, electronics, etc.). Some of the products on this website provide additional living expenses and coverage for detached structures on your property. Please contact your licensed insurance agent for details on coverage options and to get coverage advice.
Flood is the most common catastrophe in the United States. An inch of water in your property can cause up to $25,000 in flood related losses. Most property owner's insurance policies do not provide coverage for flood losses. Your insurance agent wants to ensure that you have adequate coverage against this damaging peril. Therefore, you were contacted via email with a link to this website to obtain a spectrum of flood coverage options where available.
Everyone is at risk of flooding. Large catastrophic flood events such as Hurricane Harvey and Hurricane Ian impacted properties that had never been flooded. Your property does not need to be near water to be at flood risk. Flooding can occur due to excessive rain, atmospheric rivers, and other phenomena unrelated to proximity to a water body.
The federal government may offer a loan of up to $200,000, if your property is within a declared disaster area. This is a loan that you will need to repay and is not a bailout or grant. Second properties or vacation properties are not eligible to apply for this federal loan program.
Please contact your insurance agent for advice on coverage options related to flood insurance. Contact information for your agent is included in the email you received with the link to this website.
A deductible is the amount of money a propertyowner must pay before the flood coverage kicks in. Our deductible is a single amount that is applied separately for building and contents losses.
If you are closing on a new property loan, we will allow for same-day binding and policy issuance. If you are not closing on a loan, a 5-day or 7-day waiting period will apply, depending on the product you select. We also issue binding moratoriums in areas being impacted by current weather events. Some products might not be available in your geography due to binding moratoriums.
Yes. All products on this website meet the definition of private flood insurance contained in 42 U.S.C. 4012a(b)(7) and the corresponding regulation and do not have any provision which is not in compliance with 42 U.S.C. s. 4012a(b).
Yes. Replacement cost value loss settlement is provided for products on this website.
Some products listed on this website provide additional living expenses coverage. Please review coverage terms carefully and contact your insurance agent for any insurance and coverage advice. Contact information for your agent is listed on the email you received with a link to this website.
Please contact your insurance agent to file a claim. Contact information for your agent is listed on the email you received with a link to this website.
Prior flood loss is flooding related damage your property suffered to the best of your knowledge. If you filed a claim for a previous flood loss you likely have that information available. If you did not file a claim, please use a best guess estimate for the cost of repairing your building and replacing your personal property due to the flood event.
On the quote display screen (second screen) there is an option called "Confirm property information". You can change your property information using this option.
We use a proprietary algorithm that determines the replacement cost value of your property and contents. As a starting point, we recommend you obtain full replacement cost value coverage.
Our technology solution does its best to automate the quoting and policy issuance process. In some cases, we may need additional information to develop the quote, or our products may not be available for your particular building or geography. Please contact your insurance agent to get additional coverage options and quotes. Contact information for your agent is listed on the email you received with a link to this website.