How to Use This Presentation Sharing the benefits of flood insurance to both current and potential...
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Transcript of How to Use This Presentation Sharing the benefits of flood insurance to both current and potential...
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How to Use This PresentationSharing the benefits of flood insurance to both current and potential clients will help you grow your book of business. Use this presentation to educate homeowners and renters on flood risk and the importance of having flood insurance. This presentation is virtually ready to use immediately. Customize or delete information on slides 2, 17, 19, and 23, based on your specific needs. Consider using slide 24 if your audience needs to know about legislation changes. The latest legislation information is at FEMA.gov/flood-insurance-reform. Once you update those slides and delete this instructional slide, you are ready to present. Questions or Comments?Please contact [email protected]
Please Remove This Slide After Reading
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Flood Insurance and Your Home
[AGENCY NAME][AGENT NAME]
[DATE]
[Agency Logo]
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National Flood Insurance Program
Flood Misconceptions and Facts
Flood Insurance Basics
Reducing the Risk
Resources for You
Presentation Overview
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The National Flood Insurance Program
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Everyone is at risk for flooding
Anywhere it can rain, it can flood
Just a few inches can cause tens of thousands of dollars in damage
Why Flood Insurance?
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Provides flood insurance to homeowners, renters, and business owners
Community must participate in the program
Written by insurance agencies through their carrier or direct with the NFIP (rates and coverage are the same for all agents)
Created by Congress in 1968
Administered by the Federal Emergency Management Agency (FEMA)
National Flood Insurance Program (NFIP)
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What Is a Flood?
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A Flood Defined
Inundation of two or more acres of normally dry land or of two or more properties (one of which is your property) from: Overflow of inland or tidal waters;
Unusual, rapid accumulation or runoff of surface waters from any source;
Mudflow; or
Collapse or sinking of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated levels that result in a flood
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Flood Misconceptions and Facts
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Misconception: “I don’t live in a flood zone.”
Fact: Everyone lives in a flood zone. Floods are the #1
natural disaster in the United States
If it can rain, it can flood
Risk does not stop at a line on a flood map
Misconception #1
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Misconception: “I’m already covered—my homeowners policy covers flooding.”
Fact: Most insurance policies do not cover flooding; only flood insurance covers flood damage.
Misconception #2
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Misconception: “If a flood happens, disaster assistance will cover me.”
Fact: Disaster assistance facts: Only available if the
President declares a Federal disaster.
You must qualify.
Typically given in the form of a loan that must be repaid, with interest.
Misconception #3
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Flood Insurance Basics
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Single-peril policy
Pays Replacement Cost on single-family, primary residences, if insured to at least 80 percent of its Replacement Cost Pays Actual Cash Value (depreciated cost) on second homes
and underinsured homes
Contents coverage is not automatically included in your policy (with the exception of a Preferred Risk Policy) Only pays Actual Cash Value
Three Basic Facts of a StandardFlood Policy
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Key Rating Elements: Flood Zone
High-Risk Zones Special Flood Hazard Areas
(SFHAs); labeled “A” or “V”
Moderate- to Low-Risk Zones Non-Special Flood Hazard
Areas (NSFHA); labeled B, C or X
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Base Flood Elevation (BFE) The estimated depth of flood water
during a 1 percent annual chance flood
Lowest Floor Elevation (LFE) Post-FIRM For Zones beginning with an A: e.g.,
elevation of the top of the lowest floor
For Zones beginning with a V: e.g., if elevated, the bottom of the lowest horizontal structural member
Rates based on LFE – BFE
Key Rating Elements: Elevation for High-Risk Zones
L F E
B F E
Example Zones Beginning with an A
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Coverage Limits for Dwellings* $250,000 on building
$100,000 on contents
Deductibles
Community Rating System (CRS)
Key Rating Elements: Coverage and Deductibles
*Coverage limits are different for other occupancy types.
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Provides up to $30,000 for buildings in high-risk areas
Building must be declared substantially damaged or a repetitive loss
Used to floodproof, elevate, relocate, or demolish
Total amount of your home claim and ICC claim cannot exceed $250,000
Increased Cost of Compliance Coverage
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Typically, there is a 30-day waiting period for a flood insurance policy to go into effect
Exceptions: Flood Insurance is required by a federally regulated and
insured lender—0 days
[Wildfire 30-day waiting period exception—0 days]
Initial purchase of Flood Insurance as the result of a map revision—1 day
Waiting Periods
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Policy for homes in moderate- to low-risk areas: Lower cost policy
Policy includes both building and contents
Contents-only coverage is available for renters
Preferred Risk Policy (PRP)
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Check with your community floodplain management office for more information on mitigation activities, such as Floodproofing Installing flood vents
Elevating: Home
Equipment and appliances (e.g., heating, cooling washer, dryer)
Reduce the Risk, Reduce the Cost
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FloodSmart.gov
FEMA.gov
Ready.gov
DisasterSafety.org
FLASH.org
Resources
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[AGENT NAME][COMPANY NAME][COMPANY ADDRESS][AGENT PHONE NUMBER][AGENT EMAIL]
Questions
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Subsidized rates for older (pre-FIRM) buildings in high-risk areas
Subsidized rates can be transferred from one owner to another at the time of sale
Subsidized rates will be phased out over time
For more information, visit FEMA.gov/flood-insurance-reform.
Recent Legislation