Improve Flood Risk Management With Accurate, Up-to-Date, Property-Specific Flood Risk Data That Identifies Special Flood Hazard Areas and Other Flood Hazard Variables
Although often dismissed as a secondary peril by the insurance industry, flood risk in the U.S. continues to be a significant insured loss threat. Yet many insurers don’t believe they are at risk because they are not actively underwriting the flood peril or assume the National Flood Insurance Program (NFIP) has shouldered all the risk for properties within Special Flood Hazard Areas (SFHA).
Some insurers that do underwrite flood policies count solely on FEMA flood maps for flood risk management—maps that were originally designed to help meet federal flood insurance requirements on federally-backed mortgages, not for insurance flood risk selection or rating.
For over 20 years, many industries have vastly improved their flood risk management using our flood risk data.
Insurers seeking to more accurately price flood policy premiums or market to at-risk homeowners have been able to:
- Visualize a property’s proximity to Special Flood Hazard Areas
- Identify high risk properties outside of Special Flood Hazard Areas
- Distinguish varying levels of flood risk inside Special Flood Hazard Areas
- Score—from very low to extreme—a property’s risk of flooding, based on factors such as regional flooding and drainage patterns as well as property specific elevation, topography and associated water flow patterns
- Assess potential flood risk of properties deemed at risk of levee failure or within immediate proximity of an expansive dam
- Minimize flood zone determination conflicts at mortgage origination because of our leading market share within the lender industry
*Although 25% of NFIP claims and disaster assistance requests comes from homeowners living outside Special Flood Hazard Areas, most homeowners not required by their lender to carry flood insurance assume that 1) they are not at risk of flood damage or 2) that flood coverage is part of their standard policy.
With over one-half of the U.S. population living along coastlines and other at-risk areas, are you missing the boat on lost revenue due to badly priced flood premiums or missed opportunities?
Now available through RiskMeter Online™ and a new desktop tool, the Flood Risk products from CoreLogic can help insurers:
- Evaluate flood risk using tools specifically designed for the insurance industry.
- Enhance underwriting capabilities such as when to recommend additional flood insurance for at-risk properties outside of a Special Flood Hazard Areas
- Establish more accurate flood policy premiums using sophisticated flood risk data that scores the risk of flooding, from very low to very extreme
- Clarify reinsurance decisions based on the most current and accurate flood risk data available
- Minimize flood determination conflicts at mortgage origination because of our leading market share within the lender industry
- Educate customers on flood risk while helping to improve the bottom line.
*www.floodsmart.gov
