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Flood

Personal Lines Articles

Flood Insurance Myth Debunked: The Two Acres - Two Properties Rule

Through our 'Ask an Expert' service, we have had reports of adjusters denying flood claims on the basis that localized flooding did not cover a surface area of 2 acres/properties as required by the NFIP program. The reality is that the NFIP flood program requires no such thing. First we'll look at one of these questions, then in an article from flood guru David Thompson of Florida, he debunks the myth of the 2 acre/properties rule.

Flood Risks Are Rising – Are Your Clients Prepared?

Your clients may be unaware of the flooding risks they face. A free, online assessment tool pioneered by First Watch Foundation may help your policyholders better recognize their flood risks.

History of Flood Mitigation and Insurance Laws

From a flood insurance perspective, how did we get to where we are? Flood insurance is colorful enough on its own, but reading the history makes it even weirder.

Important Flood Resources Agents Need

Flood insurance is a victim of politics. Information learned a few years ago may no longer apply. Stay current.

New Flood Insurance Manual

The National Flood Insurance Program (NFIP) updated its Flood Insurance Manual effective April 1, 2020. Following are links to the updated manual appendices.

New Flood Insurance Manual

The National Flood Insurance Program (NFIP) updated its Flood Insurance Manual effective April 1, 2020. Following are links to the updated manual and appendices.

Post-Flood Homeowners Questions

“We have been getting some questions from our insureds about coverage under a Homeowners Policy for exposures that developed after the recent floods. I want to put together an FAQ sheet for our Personal Lines staff, so we will all be on the same page when talking to our insureds. I am attaching some issues and questions we’ve come up with so far. We would appreciate your comments on these technical coverage issues, as well as any additional ideas you have.” – Louisiana agent

Re-Learning Flood: Old Myths & New Realities

This report seeks to dispel some misconceptions about flood insurance.

Residential Condominium Building Association Policies (RCBAP) and Insurance to Value

Insurance professionals should explain the benefits of insuring to 100 percent of the replacement cost on the RCBAP (as well as all type of policies) covering buildings or personal property. The least expensive choice at the time of application may turn out to be the most expensive choice at the time of loss.

The Insurance Agent’s Guide to Selling Flood Insurance

NFIP helps protect homeowners and businesses from the most frequent and one of the most devastating natural disasters. Many agents don’t wade into flood coverage, so there’s a reason we are writing this article. If you fail to offer flood insurance, even on an excess basis if you are currently writing flood coverage, you open the door to another agent taking your entire account and an errors & omissions risk. You do not need to be an expert on flood insurance to help your clients feel secure and to position yourself as a valuable resource within your community. After reading this article, you will have a stronger understanding of the National Flood Insurance Program (NFIP) Flood insurance. Here is a guide to understanding flood insurance's essentials and how you can begin to sell.

Understanding the Unique Facets of Flood Insurance

Flood insurance is unusual. A flood policy essentially covers one peril but it is surrounded by many unusual facts and facets that make flood coverage unlike any other. Agents must understand the uniqueness of flood to more effectively present it to clients. With the threats of 'atmospheric rivers' growing in California and other western states, reminding your insurance of the importance of flood insurance is only growing.

Understanding the Unique Facets of Flood Insurance: CBRA Zones and Otherwise Protected Areas (OPAs)

Flood insurance is, unusual. A flood policy essentially covers one peril but is surrounded by many unusual facts and facets that make flood coverage unlike any other. Agents must understand the uniqueness of flood to more effectively present it to clients. This series on flood insurance is divided into seven parts; following is part 6. Links to each part in the series are provided at the end of the articles.

Understanding the Unique Facets of Flood Insurance: Flood Policy Forms

Flood insurance is, unusual. A flood policy essentially covers one peril but is surrounded by many unusual facts and facets that make flood coverage unlike any other. Agents must understand the uniqueness of flood to more effectively present it to clients. This series on flood insurance is divided into seven parts; following is part 2. Links to each part in the series are provided at the end of the articles.

Understanding the Unique Facets of Flood Insurance: Flood Zones

Flood insurance is, unusual. A flood policy essentially covers one peril but is surrounded by many unusual facts and facets that make flood coverage unlike any other. Agents must understand the uniqueness of flood to more effectively present it to clients. This series on flood insurance is divided into seven parts; following is part 1. Links to each part in the series are provided at the end of the articles.

Understanding the Unique Facets of Flood Insurance: Key Underwriting Questions

Flood insurance is, unusual. A flood policy essentially covers one peril but is surrounded by many unusual facts and facets that make flood coverage unlike any other. Agents must understand the uniqueness of flood to more effectively present it to clients. This series on flood insurance is divided into seven parts; following is part 7. Links to each part in the series are provided at the end of the articles.

Understanding the Unique Facets of Flood Insurance: Participating Communities in the Regular Program

Flood insurance is, unusual. A flood policy essentially covers one peril but is surrounded by many unusual facts and facets that make flood coverage unlike any other. Agents must understand the uniqueness of flood to more effectively present it to clients. This series on flood insurance is divided into seven parts; following is part 3. Links to each part in the series are provided at the end of the articles.

Understanding the Unique Facets of Flood Insurance: Policy Terms and Conditions Unique to Flood Coverage

Flood insurance is, unusual. A flood policy essentially covers one peril but is surrounded by many unusual facts and facets that make flood coverage unlike any other. Agents must understand the uniqueness of flood to more effectively present it to clients. This series on flood insurance is divided into seven parts; following is part 4. Links to each part in the series are provided at the end of the articles.

Understanding the Unique Facets of Flood Insurance: Unique Flood Policy Definitions

Flood insurance is, unusual. A flood policy essentially covers one peril but is surrounded by many unusual facts and facets that make flood coverage unlike any other. Agents must understand the uniqueness of flood to more effectively present it to clients. This series on flood insurance is divided into seven parts; following is part 5. Links to each part in the series are provided at the end of the articles.

What Agents Need to Know About the New Flood Rating (Risk Rating 2.0)

The NFIP has promulgated a new rating program for all flood policies – Risk Rating 2.0. The goal is to modernize flood rating using technology and history to develop somewhat customized premiums. There are major changes, a new world to which those seasoned in flood rating must adjust!

Condo Unit Owners - Why Carry Building Coverage?

It’s a bizarre statement, but here goes anyway: “Condo unit owners, even those on upper floors, should consider purchasing a dwelling flood policy that includes both contents coverage and building coverage.” Here's why....

Flood Insurance and the 30-Day Wait

An insured wanted to buy a flood policy even though it was not required by the lender. The WYO underwriter said that since the policy was not required by the lender for a loan closing, there was a 30-day wait for coverage to become effective. Is the underwriter correct?

Flood Policies, Condo Units, and Additions and Alterations

In many states, what is covered under an HO-6 and a condo association master policy is governed by state law. That may not be the case when there is a flood claim and federal law pre-empts state law. For example....

Grandfathering and the NFIP

Throughout the country, flood maps are changing. For some policyholders this is good news, while for others it can be bad news. As flood maps change, the premiums for flood policies change too. In some cases, a provision referred to as “map grandfathering” can benefit some policyholders and provide them with significant savings on their flood insurance policy. The term “grandfathering” refers to the ability to use a prior map if the premium using the prior map is beneficial to the policyholder.

HOA, NFIP, RCBAP, GP

If a homeowners association (HOA) is not established as a condominium, the Residential Condominium Building Association Policy (RCBAP) can’t be used. This can create several problems, particularly if someone tries to use the RCBAP anyway.

Other Structures and NFIP Coverage

When looking at the National Flood Insurance Program (NFIP), the other structures coverage is so limited that it might almost be thought of as, “There isn’t any.” To adequately protect other structures under the NFIP, a separate policy per building is required.

Preferred Risk Policy Eligibility

Over the past few years, eligibility for the PRP has expanded, making a lot more policyholders eligible for the savings under the PRP. It’s in the best interest of the agency to verify that NFIP policyholders who qualify for the PRP are written on that policy instead of on the SFP.

Why Should I Buy Flood Insurance?

When the tragic floods hit Ron's Cedar Rapids hometown, he sent me two e-mails over a week or so telling about the situation. Those e-mails, totally unedited, are below. It’s a compelling read, especially for those folks who ask, “Why should I buy flood insurance?”