In-Force Flood Insurance Declines as More Move to Risky Areas
As thousands more people move in rather than out of fire- and flood-prone areas, independent agents have an opportunity to counter the decline in flood insurance coverage.
As thousands more people move in rather than out of fire- and flood-prone areas, independent agents have an opportunity to counter the decline in flood insurance coverage.
Brian Chapman, agent and owner of Chapman Insurance in Florida, sits down with Cassie Masone, vice president of flood operations at Selective Insurance.
On this episode of Agency Nation Radio, Owen Thomas, senior account executive at Dial Insurance Agency in Pembroke, North Carolina, shares his experiences from past hurricane seasons and how his agency has applied what it’s learned.
As the climate changes, independent agents play a major role in educating their clients on the need to purchase flood insurance, as well as providing advice to them on the steps to take to protect their property.
The impact of recent disasters on consumers’ flood risk awareness is propelling growth in the private flood insurance market.
Consumers have significant misconceptions about flooding causes and what is and isn’t insured under their homeowners or renters policies.
The severe flooding in the Southeast U.S. brought by Hurricane Idalia highlights the importance of flood insurance.
Despite the frequency of flooding, inflation and an uncertain economic outlook can make flood insurance a difficult sell.
“Both the NFIP and the private market will remain extremely important,” says independent agent Jeffrey Wyrsch. “We need to have both because they both offer advantages in different situations.”
Mandatory flood insurance purchase requirements have covered flood losses that would have otherwise been uninsured.