Traditionally, the approach to underwriting flood risk has included a heavy reliance on FEMA’s flood zone information. While FEMA flood risk maps play a role in U.S. flood risk assessment for the mortgage industry, they are not well suited for insurance applications. This is because the binary classification of locations as “in” or “out” of a Special Flood Hazard Area (SFHA) provides little indication of the comparative risk, and doesn’t provide any insight into the risk that might exist outside for the SFHA.
CoreLogic Flood Risk Score (FRS) ads new dimensions to flood risk assessment. FRS evaluates the impact of flooding by combining an integrated analysis of three key parameters: the flood area, flood elevation and comprehensive hydrology. CoreLogic methodology is designed to assess inundation risk for river, coastal and large water body flooding—anywhere in the U.S.
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