While many of us are currently spending unprecedented amounts of time indoors, spring is still quickly approaching. The change in seasons brings warmer weather and longer days, which also presents the threat of heavy precipitation, snow melt and risk of flooding.
Forecasters from the National Oceanic and Atmospheric Administration (NOAA) are predicting widespread flooding this spring, even if it is not expected to be as severe as the 2019 season. According to NOAA, above-average rainfall is anticipated in the central and eastern U.S., and the National Weather Service’s outlook warns that the risk of flooding could potentially affect 23 states and 128 million citizens.
Are Your Customers Protected?
When working with your customers, it is important to consider the following:
- One out of every four of your customers will likely experience a flood event. In areas of moderate- to high-risk, there is a 26 percent chance of experiencing a flood over the term of a 30-year mortgage.
- More than 20 percent of flood insurance claims occur in moderate- to low-risk zones where coverage is not lender-required, according to the Federal Emergency Management Agency (FEMA).
- Flood damage is the nation’s most common and costliest natural disaster, yet less than 20 percent of homeowners are protected.
- Only one inch of water in a building can cost tens of thousands of dollars in damage. Even minimal flood insurance coverage can protect your clients from directly incurring the cost of such a devastating loss.
Wider Range of Options, Better Coverages with Private Flood Insurance
There has never been a better time to talk with your customers about the risk of flooding and that private flood insurance solutions offer higher limits, broader coverages and more stable and competitive rates than what is available from the National Flood Insurance Program (NFIP).
For more than 25 years, Tokio Marine Highland has been a trusted source for private flood insurance, so you can be confident in our knowledge, underwriting expertise and longevity when presenting your customers with our innovative flood solutions. To learn more about Tokio Marine Highland’s comprehensive flood offerings or to have us quote your potential target risks, visit our website or contact us at PrivateFloodSolution@tmhighland.com.