Flood Insurance Solution for Retail Agents

Retail agents need to understand the flood risk precisely at their client’s specific property to provide the best flood insurance coverage. FEMA flood insurance rate maps (FIRMs), the most common flood maps used by insurers to determine flood risk, do not provide location-specific flood risk scores, leading to a false sense that properties are either inside or outside a flood zone. Typically in the U.S., half of the flood losses occur outside designated risk areas, of which 1% was insured for flood, so enormous amounts of property subject to flood risk are uninsured. The more that is known about a location and its associated flood risk factors, the greater the chance of success in planning, mitigating and recovering from a flood event, as well as guarding against significant recovery costs.

When retail agents know the flood risk, they can:

• Educate clients on their specific flood risk
• Help clients mitigate the risk
• Cover clients with a policy that matches their risk

InsitePro is a flood risk assessment tool for evaluating flood risk at the property level. It evaluates different types of floods, including coastal/surge, river/fluvial and surface/pluvial, using multiple datasets and models to provide highly accurate risk scores.

By incorporating multiple flood models, high-resolution elevation data and historical flood data, InsitePro provides a flood risk score that informs clients about their specific flood risk, develop flood mitigation strategies and ensure property owners are purchasing a policy that meets their needs.