Student of the Industry: Private Flood’s Impressive Growth
More than $600 million in premium and 160 active insurers—a nice start to private flood. Where is this line of business most prevalent and which insurers are focused on it?
Flood
FEMA Releases New Guidance on Risk Rating 2.0
The new information provides localized rate analysis at the zip code level for all 50 states and the District of Columbia, as well as flood mitigation actions for policyholders.
FEMA Announces New Risk Rating 2.0 Webinars for Agents
The National Flood Insurance Program will be hosting a number of Risk Rating 2.0 – Equity in Action webinars designed for insurance agents throughout June and July.
Equity in Action: Why Risk Rating 2.0 Will Change the Industry
FEMA has branded Risk Rating 2.0 as “Equity in Action”—and it’s easy to see why. It will revolutionize the way the NFIP rates are structured, making the process fairer and easier to understand for those looking to purchase federal flood insurance.
Senate Banking Committee Holds Hearing on NFIP Reauthorization
The Big “I” submitted a statement on the need for a long-term reauthorization of the National Flood Insurance Program, and also submitted comments on proposed interagency Q&As on private flood insurance.
Legislation to Delay Risk Rating 2.0 Introduced in the House
The act would require FEMA to release an impact analysis at least six months before National Flood Insurance Program changes, and prohibit certain changes during and up to six months after the COVID-19 emergency declaration.
House Hearing Includes NFIP Reauthorization Discussion
The legislation would reauthorize the National Flood Insurance Program (NFIP) for five years and clarify that private flood insurance can satisfy the NFIP’s continuous coverage requirements, a top priority for the Big “I.”
Biden’s Big Government Will ‘Kill Jobs,’ Warns Sen. Scott
Sen. Rick Scott (R-Florida) discussed how federal overreach by the Biden administration will negatively impact small businesses and the economy’s recovery from the coronavirus pandemic.
3 Ways to Sell More Flood Insurance
Changes are taking place in the flood insurance market and agents have an enormous opportunity to help their clients understand why they need coverage.
From the Front Lines: Flood
“Flood insurance is very important for overall risk management,” says independent agent Ryan Andrew. “My agency works to educate clients on the importance of flood insurance even if they don’t live on the coast or near a large body of water.”