Established underwriting guidelines often rely on a flood zone determination—whether a property is in or out of a federally designated flood zone. Yet, flood zone determinations have historically proven to be of limited reliability. Twenty-five to thirty percent of annual flood insurance claims are on properties outside of the flood zones.
Sophisticated flood underwriters are now moving beyond flood zone determinations to CoreLogic Flood Risk Score (FRS), an advanced risk assessment tool that combines federal flood zones with hydrological science and critical risk data, including elevation and levees and dams. FRS provides a precise risk assessment that identifies high-risk properties outside of designated flood zones and distinguishes varying levels of risk inside existing flood zones. The process is fully automated and instantaneous. It provides a simple and intuitive risk score/rating that enables you to accurately assess property-specific flood risk anywhere in the U.S.
Water Drop Technology
Water does not run in a straight line or simply stop flowing when it encounters an obstacle. Its course reflects the topology of the land. That is why FRS determines water hazard proximity using patent-pending Water Drop Technology to determine how the floodwaters will flow to the property based on ground elevation. The result is a much more precise interpretation of flood risk.
Levees and Dams
FRS combines FEMA-designated levee protected zones with an internal database of more than 90,000 dams and levees and target custom analysis (such as the Howard Hanson Dam in Washington) to provide the most extensive levee and dam risk management solution available. Whether a property is officially deemed at risk of levee failure or an expansive dam is located within the immediate vicinity, FRS identifies thepotential risk to ensure adequate consideration.
Hydrologic Units
Developed and published through a multi-federal agency effort, sub-watersheds are 15-62 square mile areas that reflect regional flooding and drainage patterns. Built around local flood sources and networks, sub-watersheds are located throughout the U.S. and enable insurers to accurately manage risk accumulations based on hydrologic science in place of political boundaries such as county lines and zip codes. Each scored property is accompanied by the name and reference code for the sub-watershed in which the property is located.
CoreLogic Advanced Flood Risk Solutions
The Flood Risk Score is just one important part of CoreLogic Advanced Flood Risk Solutions. These solutions include scoring, modeling and data visualization tools that collectively address the management of flood risk throughout the insurance process, from underwriting and portfolio management to risk transfer and reinsurance.
As a leading provider of risk assessment solutions to the insurance, financial and real estate industries, we have managed flood risk for more than 20 years, providing a comprehensive set of GIS, natural peril and property data solutions that work for you.
