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FEMA is just gonna cut them a check anyway, so why should they buy it?
Homeowners policies need to be changed — they need to automatically include Flood coverage which is re-insured by the National Flood program — one policy for the HO and Flood — low risk flood areas will have a smaller premium increase, higher flood areas will have a larger premium — this is dumb to have all the uninsured losses so that the goverment keeps bailing people out.
This isn’t rocket science – that is unless you’re an order taker as compared to an insurance agent. Flood insurance isn’t difficult, the WYO Flood Carriers will fall over backwards to help you write the coverage. There are numerous flood classes being offered, as well as an on line training module through the FEMA/NIFP website.
Given both of your comments, take my advice, learn about the NFIP or buy more E&O Coverage.
As for the bail-out Mark, Bail-outs are in the form of SBA Loans.
Wow — Flordia agent — are you saying that 100% of your clients have flood? You can’t hold a gun to their heads to force them to purchase — you can offer it, you can get signatures to reject it, but bottom line it is the goverment that will bail out — not just with the loans — there are bail out programs as well — who do you think pays for that??
100% of my property clients have a flood policy in place, or a copy of a Flood Rejection sitting in their file.
AS for who ultimately pays (bails-out) the consumer, contact your elected officials. They want an actuarially sound flood program, but they don’t want their constituants to pay actuarially sound rates.
But as an agent, wouldn’t you rather advise your clients to buy a flood policy – even a discounted PRP flood policy – rather than telling them they aren’t covered after they’ve been flooded?
Fla. agent — you are missing the point — you still have clients who have rejected the coverage and are not covered for flood — a lot of people reject the coverage, sad to say – a lot of people don’t understand “flood” even after it has been explained — you are concerned about coverage your own backside — I am concerned that flood coverage should not be a separate policy.