How to Prepare Property Owners for ‘Unprecedented Flooding’ This Spring

How to Prepare Property Owners for 'Unprecedented Flooding' This Spring
We’ve talked in great detail about the importance of making sure that property owners have adequate flood insurance coverage in place. With the arrival of spring and the ‘unprecedented flooding’ that is expected to occur this season due to the anticipated above-average precipitation, flood coverage is a conversation that insurance carriers need to be having with property owners.
The Rising Threat of Flooding This Spring
According to the National Oceanic Atmospheric Administration (NOAA), approximately 25 states could experience flooding this spring, which would impact as many as 20,000 people. What is especially alarming about this prediction is that several parts of the country, such as the upper Mississippi and Missouri river basins in Nebraska, Iowa, and Minnesota, have already experienced significant flooding in 2019. Some of the early flood events in 2019 can be attributed to the combination of rapid snowmelt and heavy spring rain.

The threat of flooding is even higher in areas that are surrounded by river basins, particularly in the central and southern parts of the country. As we continue to experience rain events this spring, it’s imperative that insurance carriers speak to property owners about flood insurance coverage and ways that they can keep their properties dry throughout the year.

Use a Residential Inspection to Help Insureds Plan for a Flood Event
Surprisingly, many homeowners aren’t aware as to if they have flood insurance coverage in place. And, if they do have flood insurance, they might not have the right coverage in place.

Insurance carriers can add a lot of value by using an in-person residential inspection to educate homeowners about their existing levels of coverage in place. Be sure to talk to the homeowner about the way your company defines flooding and make him or her aware of any flood damage exclusions that exist. Given the rising threat of a flood event this spring, make homeowners aware of options for supplemental flood insurance to minimize financial heartache.

A residential inspection is also a good opportunity to ensure that the home is prepared to handle the excessive precipitation that typically occurs during the spring season. Insurance carriers should make sure that points of entry to the home are properly sealed and that gutters are cleared of debris to allow for proper drainage. Also, since the roof is the most vulnerable part of a property, insurance carriers should inspect the roof for any visible damage.

How Insurance Risk Services Can Help
Conducting a residential inspection is a way that insurance carriers can add value to homeowners and mitigate the risk of loss. Insurance Risk Services understands that it might not always be feasible for insurance carriers to conduct a spring residential inspection, which is why we’re help to help.

With nearly 40 years of partnering with property and casualty insurance carriers to conduct insurance inspections, we know how to conduct thorough and accurate property inspections to strengthen your underwriting.

Contact us at Insurance Risk Services to mitigate risk and deliver value to your insureds with a residential inspection.

We’re delighted to announce that Insurance Risk Services will rebrand to Davies in the near future.

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