Private market flood insurance is available in many areas and can offer higher coverage limits, broader coverage and excess coverage in addition to NFIP basic limits. Limitations are that it is unavailable if a property has a previous flood or flood claim. Additionally, there is no quaranteed renewal as there is with an NFIP policy in a participating community. Qualifying for private market flood can offer broader coverage and potential savings. However, if a private flood policy is cancelled or not renewed a flood policy can be purchased in any NFIP participating community.