If one looks at the statistics, most flood losses, residential and commercial, occur in flood zones that are not Special Flood Hazard zones (A or V). The frequency and severity is occurring in supposedly “safe” zones B and X. Agents should better educate themselves on flood insurance exposures, and sell or recommend it far more often than they do at present.
Flood maps are scientifically developed and thoroughly reviewed by Local and State officials with no dog in the fight. It’s too bad people insist on living in flood prone areas and expect their fellow tax payers to bail them out when the flood that was predicted happens. Their anger should be directed at the developers and builders that knew of the hazards.
I know a small town in west central Nevada that was not on any flood maps. When the levy broke the entire town was under water. Only one person in town had flood insurance, his brother-in-law that wrote the home loan insisted on a flood policy. His place was fully insured for the loss. 1 out of 1,200 homes……….
I think it is great that the flood maps are being redrawn. They are very out of date in many areas. It’s also great that lenders require that the coverage be purchased. Too many people will not buy any insurance coverage, no matter how necessary, that they are not required to. I have clients sign a notice that they understand their policy does not cover flood, but that still does not get them to purchase the coverage without lender requirement.
I recently closed on a building that is 24 feet above sea level, according to the elevation certificate,was built in 1962 and never had a flooding problem. The “new” Flood map that was “scientifically developed and thoroughly reviewed by Local and State officials” Shows this building in a flood zone and the bank required Flood insurance. Which is running in excess of $6000 annually. The “review” process to have the map changed will take from 6 weeks to 6 months.
By the way, the township engineer was “shocked” this building was included in the flood zone. I am curious as to who really reviews these maps?
If one looks at the statistics, most flood losses, residential and commercial, occur in flood zones that are not Special Flood Hazard zones (A or V). The frequency and severity is occurring in supposedly “safe” zones B and X. Agents should better educate themselves on flood insurance exposures, and sell or recommend it far more often than they do at present.
Not a Jersey agent, but have recently seen a number of customers being forced to purchase flood insurance by their banks.
Seems FEMA has re-drawn maps to include more houses in flood zones and notifying lenders of properties in the new flood zones.
What a great way to increase premium revenue!
Collect more money from people forced to buy flood insurance in borderline zones.
Then deny coverage because of the policy exclusions so they can hand out more freeebies to those who don’t carry the flood policies.
Flood maps are scientifically developed and thoroughly reviewed by Local and State officials with no dog in the fight. It’s too bad people insist on living in flood prone areas and expect their fellow tax payers to bail them out when the flood that was predicted happens. Their anger should be directed at the developers and builders that knew of the hazards.
I know a small town in west central Nevada that was not on any flood maps. When the levy broke the entire town was under water. Only one person in town had flood insurance, his brother-in-law that wrote the home loan insisted on a flood policy. His place was fully insured for the loss. 1 out of 1,200 homes……….
I think it is great that the flood maps are being redrawn. They are very out of date in many areas. It’s also great that lenders require that the coverage be purchased. Too many people will not buy any insurance coverage, no matter how necessary, that they are not required to. I have clients sign a notice that they understand their policy does not cover flood, but that still does not get them to purchase the coverage without lender requirement.
I recently closed on a building that is 24 feet above sea level, according to the elevation certificate,was built in 1962 and never had a flooding problem. The “new” Flood map that was “scientifically developed and thoroughly reviewed by Local and State officials” Shows this building in a flood zone and the bank required Flood insurance. Which is running in excess of $6000 annually. The “review” process to have the map changed will take from 6 weeks to 6 months.
By the way, the township engineer was “shocked” this building was included in the flood zone. I am curious as to who really reviews these maps?