Manage Your Flood Risk
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. Flood Risk Score data can help to mitigate structure losses and business interruption losses by providing risk scores and rating information that can be used in your underwriting business rules to reduce and mitigate flood loss both inside and outside of FEMA Special Flood Hazard Areas (SFHAs).
Don’t Get Under Water
Flood Risk Score provides current FEMA Flood Insurance Rate Map (FIRM) data and goes a step further by evaluating elevation of property, distance to 500-Year and 100-Year floodplains along with 100-Year water surface elevations to provide a more comprehensive hydrologic risk assessment of a property location.
Using a more complete and current flood risk data solution that provides visualization of FEMA flood maps and Flood Risk Ratings you can easily assess risk at a granular level to see where the flood risk lies on the property. For both residential and commercial properties this can prove valuable in identifying the risk when multiple structures are present.
NEW: Canada Flood Risk Score
Flood risk has become increasingly top of mind in light of recent flood events in Canada, and in response, carriers who are beginning to provide flood insurance policy products to their customers are looking for guidance on how to rate the risk. It can be costly and time consuming to develop a flood model in house. With decades of experience in flood, CoreLogic has taken the mantle of modeling flood risk in Canada.
Visit the Canadian Insurance Solutions page to learn more.
20+ Years of Flood Expertise
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
Incorporate business rules around 1-100 Flood Risk Scores to identify property risk based on hydrologic science
Assess potential risk of properties deemed at risk of levee failure or within immediate proximity of an expansive dam
With the CoreLogic® Flood Risk Score, you can
- Evaluate flood risk using tools specifically designed for the insurance
- Enhance underwriting capabilities such as when to recommend additional flood insurance for at-risk properties outside of a Special Flood Hazard Area
- Establish more accurate flood policy premiums using sophisticated flood risk data that scores the risk of flooding, from Very Low to Extreme
- Clarify reinsurance decisions based on the most current and accurate flood risk data available
- Inform your customers of potential flood risk outside of FEMA Special Flood Hazard Areas so they are aware of risk before catastrophe happens
Structural Risk and Valuations
Rather than rely on a standard industry percentage, get detailed intelligence on the structural risk and value of properties in your portfolio to ensure that your clients are not over or under-insured.learn more
Natural Hazard and Catastrophe
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