Webinar Highlights: Bridging the Troubled Water Protection Gap: How New Data, Tools Enable Better Insurance Flood Coverage
Less than a fifth of all US homes in flood regions are covered by flood insurance.
Agents and Realtors should remind customers of the need for flood coverage.
Homeowners believe flood coverage is expensive and floods won't happen to them.
FEMA maps cover only a portion of U.S. coastline and inland waterways.
FEMA's definition of 100 year flood plain doesn't take into account issues of climate change and sea temperatures.
Insurers are entering the market with a range of new products and innovations.
Between 5% and 15% of US properties are covered under flood insurance.
About 175 carriers wrote in the US private flood market in 2020, up from 152 the year prior.
Reinsurers believe raising awareness will drive insurer and consumer interest in flood coverage.
Improving infrastructure, including levees, sea walls and flood walls, helps reduce flooding.