Now that FEMA has issued Bulletin w-18008, which allows cancellation of an NFIP policy when a policyholder has obtained a duplicate policy from another source, your insureds are entitled to a Pro-rata refund including: ICC premium, Reserve Fund Assessment and HFIAA Surcharge.
Help your clients understand the benefits of flood insurance by outlining these five reasons this insurance is vital for every homeowner, commercial property owner, and renter:
1. They Aren't Covered
Homeowners and rental insurance does not typically cover flood damage. It’s important to understand the different risks covered in your homeowners and rental insurance policies. Consider pulling up these policies from your providers and learning more about where you’re covered, and where you’re vulnerable.
2. Floods Are Expensive
One inch of water can cause up to $20,000 in flood damage. Flash floods are typically 10 to 20 feet high which can result in more than $100,000 of damage. Whether it’s a small amount of water in your basement, or a devastating weather event, your wallet is on the line and water damage is expensive.
3. Location Isn't Everything
Your home is still vulnerable even if you don’t live in a high risk flood zone. More than 20% of flood claims occur outside of flood zones. The landscape of every neighborhood is changing and it’s dangerous to assume your home will always be safe from flooding.
4. It's More Common
Flooding is more frequent along the U.S. coastline. Coastal sites measured have experienced an increase in flooding since the 1950's. The rate is accelerating in locations along the East and Gulf Coasts. The Mid-Atlantic region has seen the highest number of coastal flood days and experienced the largest increases in flooding.
5. No Other Options
Relying on a federal grant to recover from a flood is risky. FEMA does offer disaster grants; however, the amount you receive is often less than what your family will need to rebuild. The U.S. Small Business Administration (SBA) also offers loans; however, they’re required to be paid back in full with interest.
Our team is ready to provide competitive private flood quotes through our private Flood Program. Contact us today at firstname.lastname@example.org or 800-548-4301.