According to FEMA data, more than 25% of flood claims occur in areas that are outside of FEMA-mapped flood zones. The issue of underinsurance – where the amount of insurance is does not cover the potential for loss – is a $221 billion problem. 70% of the issue ($153 billion) is from underinsurance for natural catastrophe risks, mainly earthquake, flood, and windstorm exposures.
Know the risk of flood for any address in the continental United States.
At HazardHub, we recently launched FloodGradeTM – a flood model that models topographical and water data to show flood risk for ALL places in the continental United States. Now consumers, insurers and reinsurers can quickly and accurately assess the risk of flood for their entire book of business. According to client actuarial studies, FloodGradeTM successfully identified more than 20% of flood claims that were otherwise NOT identified as a flood risk.
Flood risk assessment is taken to an incredible level of quality
According to Brady Foust, Chief Scientist for HazardHub, “Flood risk outside of FEMA zones is vastly under-reported. At HazardHub, we’ve approached this problem by combining a number of data sources to provide risk assessments for every property in the continental US. While no system can identify ALL flood risk, we’ve seen an enormous lift in identifying at-risk properties that are simply missed by existing flood models.”
What’s more is that FloodGradeTM is delivered via API, allowing insurance carriers to not only use FloodGradeTM in underwriting applications, but also in consumer-facing applications. Foust adds “One of the key reasons for loss from natural catastrophes is the fact that people simply don’t know about their risks. Our API gives carriers and agents the data to have meaningful conversations with their customers about mitigating any risks that might be present around their homes.”
To learn more about FloodGradeTM and other natural catastrophe data, contact HazardHub, via email at email@example.com or on our web at www.hazardhub.com