Intel

A growing number of homes covered by the National Flood Insurance Program are experiencing severe and repetitive flood losses, according to data from the Natural Resources Defense Council. The number of homes categorized as severe repetitive loss properties — meaning they have either had four or more separate building or contents claims of over $5,000, or two or more separate…

Even before Hurricane Ian punctuated another active storm season in late 2022, Flood Insurance was amid a hard market. The hard market has been a result of several factors, including post-pandemic inflationary pressures, causing carriers to reduce their catastrophic exposure or exit the market altogether. One of the areas most affected by inflation has been reconstruction valuation costs, causing London…

During this webinar, Our experts discuss the current state of the Flood Insurance Market for both residential and commercial properties. They also review flood modeling, parametric coverage, tips on how brokers and agents can approach the challenges within this space, and more. https://vimeo.com/825984690/7c3272a447?share=copy

A number of homeowners around Fort Myers Beach, Florida, are expressing frustration over the status of their insurance claims related to damage from Hurricane Ian. According to a recent New York Post report, more than 25% of closed insurance claims in Lee County have been denied, over 30,000 claims are still pending, and some of the 135,000-plus claims that were…

A growing number of individuals are at risk for flood damage to their homes, but many remain uninsured. To learn more about Flood Insurance, we spoke with Jacob Martin, Manager, Flood, Burns & Wilcox, Charlotte, North Carolina. How serious is the risk of flood for homeowners today? J.M.: What we are seeing with climate change is more severe storms. As…

A new flood-risk rating system went into effect April 1 for all National Flood Insurance Program (NFIP) policy renewals, moving the U.S. government-backed Flood Insurance program to a method of determining premiums that is expected to be more precise and equitable. According to FEMA, the Risk Rating 2.0 system uses industry best practices and the latest technology to provide rates…

At least 22 individuals were killed and many more remained missing after a flash flood ravaged the rural town of Waverly, Tennessee on Aug. 21. The sudden torrent of rain — estimated at 17 inches, likely setting a state record — swept away vehicles, tore homes off their foundations and crumbled roads and bridges. By Aug. 23, officials were reportedly…