We shop your property to several pre-tested flood insurers, and we do place business within Lloyd’s markets as well as Lexington, HIG, Palimar, Trisera, and the National Flood Insurance Program (NFIP); we shop many options then we compare your options to ensure you get the cheapest flood insurance policy without sacrificing quality
Our Clients Save on Average $500 to $1,457+ per year with a Flood Nerd shopping their Flood Insurance Policies.
Flood Nerds will shop the private flood insurance markets including Lloyds of London Flood Insurance and others and then compare them to the NFIP, guaranteeing you the better option. We will send you the cheapest flood insurance rates within minutes.
Paying for low-cost flood insurance is awesome. And letting the Flood Nerds shop your property has other benefits – you can get better coverage while saving money, and you can get it fast.
Better Flood Insurance is an independent flood insurance broker that shops flood insurance ONLY. Flood Nerds are Flood insurance experts. We have 5000+ happy clients and 350+ 5-star reviews.
We whipped up this page on flood insurance for the sole purpose of making your life easier. Consider it your personal flood insurance cheerleader to help you pick the perfect option!
2023 – Lloyd’s of London Flood Insurance
Lloyd’s of London Insurance
Lloyd’s of London also known as Lords of London and just simply Lloyd’s is one of the strongest financial entities in the world. As the name suggests, it is located in the financial district of London.
Lloyd’s of London is the very first modern insurer. They have been around since 1688, and A.M. Best gives them the strongest rating possible (A+). When it comes to insurance, they know what they are doing.
But Lloyd’s isn’t an insurance company. Lloyd’s of London isn’t even a single company. They are a corporate body governed by the Lloyd’s Act of 1871 and subsequent Acts of Parliament.
Lloyd’s of London is a marketplace for syndicates. Syndicates are companies or individuals that come together to pool their capital and spread the risk of insuring a thing. And boy oh boy has Lloyd’s insured some things!
Things Lloyd’s of London Had Insured
For hundreds of years, Lloyd’s insured ships and buildings against fire. Then in the 19th century, a forward-thinking underwriter, Cuthbert Heath, started looking around to see what else Lloyd’s could insure to grab a little publicity.
Mr. Heath insured those vaccinated against smallpox that they would not contract the disease. This encouraged more people to be vaccinated and helped halt an outbreak of smallpox in Britain. He insured a monkey in a vaudeville act and when it died, he paid out the claim,
claimed the monkey’s body, and had it stuffed and installed in his office.
Over the years, Lloyd’s of London has insured:
Betty Grable’s legs for $1 million each
Keith Richard’s hands for $1.6 million
Bruce Springstein’s voice for $6 million
Dolly Parton’s breasts for $4 million
Then there was the time Cutty Sark whisky company held a contest offering one million pounds to the person(s) that could capture
the Loch Ness monster. Lloyds of London underwrote the reward, provided they were allowed to keep Nessie once captured.
Lloyd’s of London Flood Insurance in the US
Not satisfied with insuring body parts, lake monsters, satellites, and such Lloyd’s flood insurance became available as soon as Congress acted to make it possible.
The Homeowners Flood Insurance Affordability Act (HFIAA), passed in 2014, ended the 50-year monopoly the federal government held on the flood insurance market. The act was a move to finally create a stable, private flood insurance market for property in the US.
Lloyd’s of London flood insurance started out small in the US. There were just a few Coverholders in 2014. A Coverholder is a company that’s authorized by a Lloyd’s Managing Agent to enter into a contract underwritten by the syndicate. That’s a bunch of complicated words to say that the insurance is backed by the financial strength of the Lloyd’s syndicate.
Not All Private Insurance is Lloyd’s Flood Insurance
Not all private insurance is Lloyd’s of London flood insurance. And not all Lloyd’s flood insurance is the same. It depends on the Coverholder.
Of course, you are! Flood insurance is confusing – but we Flood Nerds thrive on bringing order to the chaos of the flood insurance market.
See it’s like this.
Every Coverholder has their own underwriting rules. One Coverholder may turn their nose up at the chance to insure your property while another Coverholder will jump on the opportunity. Flood Nerds know what the different Lloyd’s flood insurance underwriters want. That’s what makes us experts at matching your coverage needs with the company that has the best policy and price for you.
Aside from Lloyd’s Coverholders, there are other insurance companies that offer flood insurance. When Flood Nerds shop for insurance, we shop for all options.
WYO Private Insurance
Let’s take just a minute to cover the Write Your Own (WYO) type of private flood insurance. This is the flood insurance provided by Allstate, State Farm. Farmer’s, Geico, and many of the other large insurance companies.
This isn’t Lloyd’s of London flood insurance. It is government flood insurance with a big insurance company logo on it. These companies sign a contract with the government that prohibits them from selling any other flood insurance but guarantees that they can charge those overpriced government rates. Great for the insurance company – not always so good for you.
How Lloyd’s Keeps the Cost of Flood Insurance Down
Syndicates are all about spreading the risk. And Lloyd’s flood insurance surely spreads the risk. They cover the entire globe! And if you think about it – when it comes to minimizing risks, it just makes sense.
It is very unlikely that India will have a major flooding event at the same time as the United States and Africa.