Scenario 1:
A homeowner sought Flood Insurance for a property in New York with multiple structures, including barns and guest houses.
RELATED STAT:
- The National Flood Insurance Program (NFIP) could not adequately cover the property due to its value and the number of buildings.
SOLUTION:
- Burns & Wilcox was able to offer a comprehensive Flood Insurance program in the private marketplace to cover the full value of the property, its secondary structures, and other benefits including loss of use. Learn more
Scenario 2:
A home suffers severe flood damage after a storm.
RELATED STAT:
- FEMA reports that 99% of U.S. counties have experienced a flood event during the past 20 years and more than 40% of National Flood Insurance Program (NFIP) claims are from outside “high risk” zones for flooding.
SOLUTION:
- Flood Insurance can cover water-related property damage, which is excluded on standard Homeowners Insurance policies. Private Flood Insurance can provide higher limits and broader coverage than FEMA’s NFIP. Learn more
Scenario 3:
From coastal storms to inland flash floods, communities across the U.S. face growing flood risks that can devastate homes and businesses.
RELATED STATS:
- Flooding is the most common and costly natural disaster in the U.S., causing billions of dollars in losses each year.
- Just one inch of water can lead to roughly $25,000 in damage to a home, according to FEMA.
SOLUTION:
- Flood Insurance and Excess Flood Insurance can help property owners recover after a flood event, with new products such as Parametric Flood Insurance making it easier to obtain the right coverage. Learn more
Scenario 4:
A homeowner discovers roof damage and water intrusion after a severe summer thunderstorm brings heavy rain and hail to a neighborhood.
RELATED STATS:
- According to the Federal Emergency Management Agency (FEMA), just one inch of water can cause approximately $25,000 in damage to a home.
- Rising construction and labor costs are also making all types of property claims more expensive.
SOLUTION:
- Homeowners Insurance can help cover many weather-related property losses, while Flood Insurance offers protection against flood damage that is typically excluded under standard Homeowners policies. Personal Umbrella Insurance can provide additional liability protection. Learn more
Scenario 5:
A coastal community is hit by a hurricane, leaving many homes and businesses with extensive wind damage and flooding.
RELATED STAT:
- Hurricane impacts can range from minor wind damage on a roof to a total loss, especially in cases of catastrophic flooding. U.S. homeowners collectively spend approximately $20 billion per year repairing their homes after storms.
SOLUTION:
- Homeowners Insurance and Commercial Property Insurance can cover repairs and reconstruction following wind damage from a hurricane, while a separate Flood Insurance policy is needed for flood damage. Learn more
Scenario 6:
A home located in a community hit by a hurricane has significant flood damage, displacing the family for several weeks.
RELATED STATS:
- Climate change has increased the frequency and severity of flood events, including in areas that previously were at low or moderate risk for flooding.
- Between reconstruction costs, the replacement of household belongings, and hotel and food expenses, a family could face a total loss of tens of thousands of dollars.
SOLUTION:
- Flooding is excluded in most Homeowners Insurance policies. Flood Insurance can cover rebuilding costs, additional living expenses, and more in the event of a flood. Learn more
