Sanjay Mehrotra’s Post

Florida homeowners face additional challenges as private flood insurance companies drop policies due to hurricanes Ian, Nicole, and Idalia. FEMA has redrawn flood maps, requiring more people to have flood insurance, and Citizens insurance mandates nearly every customer. #floodinsurance #floodrisk #florida #floridainsurance #explorepage #explore

Florida's Citizens Property Insurance mandates flood insurance for special hazard zones, impacting 20% of homeowners. This move is expected to prompt more individuals to invest in flood insurance, highlighting evolving priorities in natural disaster protection. #Flood #Flooding #Floods #Floodinsurance #Insurance #Explore #Flooddamage  #Waterdamage

Flood insurance claims in California soared nearly 211% in 2023, reaching an all-time high of more than $59.3 million, according to National Flood Insurance Plan (NFIP) data. And despite severe flooding and storms that caused nearly $5 billion in damages last year, the number of Californians with NFIP policies decreased in 2023. The rising cost of flood and homeowners' insurance in California could be a factor in homeowners’ decision to forgo flood insurance.

There's no better time than spring to make sure you're protected with flood insurance. At McGriff, we'll consult with you to understand your specific situation, providing you with coverage options from various insurers that best meet your needs. #FloodInsurance #McGriff

Coming Soon: New Flood Hazard Map in Honolulu—Thousands of Homes Impacted A recent KHON2 News article highlights FEMA's new flood hazard map for Honolulu, which will place thousands of additional homes within a high risk flood zone—potentially requiring many homeowners to obtain flood insurance. KHON2 spoke with Richard Lim, a local homeowner whose property will now be included in the proposed special flood hazard area flood with a 1% chance of flooding every year, who shared, 'I think it should be voluntary because it’s their house, it’s their responsibility.' True Flood Risk Property Analysis We analyzed Lim’s property, which is currently located only 389 feet from an AE flood zone with a first-floor height (FFH) of just 0.52 feet. Considering factors like FFH, ground elevation, proximity to a 1% flood zone, and historical claims data from the NFIP, we classified this property as high-risk, even with today’s maps. Recommendations While flood insurance is a smart short-term measure, True Flood Risk’s flood risk and financial analysis suggests that raising the property is the best long-term strategy for managing future flood risks. As flood zones expand, data-driven insights empower homeowners like Lim to make informed decisions to protect their property investments and long-term peace of mind. Find out your property's flood risk and optimal mitigation strategy—for free. Get the insights you need to protect your property today and tomorrow. #FloodRisk #Honolulu #TrueFloodRisk #FEMA #Resilience #Insurance #FloodPreparedness #WhenEveryInchMatters https://lnkd.in/eSN2rr_v

Private flood insurance remains underutilized, but insurance envisions new technology to meet this misunderstood need. #floodinsurance #riskandinsurance #privatefloodinsurance #floodrisk https://ow.ly/SlMQ50S2pV8

Following July 31, hundreds of thousands of homes in Florida and Southeast will need to purchase flood insurance due to revisions in federal flood maps, increased water levels, population growth, and landscape changes, affecting hundreds of thousands of properties. #explore #flooding #flood #floodinsurance #insurance #climatechange #floodmap

Flood Insurance 101: Essential Guide for First-Time Homebuyers - A separate flood insurance policy is often necessary to protect Boston area homes from damage resulting from water intrusion from external sources. https://bit.ly/3SY3FyL

Only 4% of homeowners nationwide have flood insurance, and most policies don't cover flood damage. Homeowners must buy separately or in high-risk areas for flood damage coverage. It's crucial for homeowners to consider the potential risks and benefits of obtaining flood insurance to ensure comprehensive protection against unforeseen natural disasters. #FloodInsurance #HomeownersSafety #Flood #Explore ##Floodprotection #Insurance #Floodrisk #Floodrelief

🔑 Takeaway: “Major floods in California and Florida occurred in the first half of 2023, with each causing over $1 billion in damages. The federal flood loss ratio in the first half of 2023 was over 70.0 but remained below 50.0 in 2022 and 2024 (which were relatively benign catastrophe years). This highlights the event-driven nature of flood losses. The second half of 2024 will be more telling and likely challenge profitability overall and pressure capital resources, including NFIP’s available capital, reinsurance, capital market placements, and its borrowing authority.” As pressure increases on the National Flood Insurance Program, impacts on program availability, pricing and underwriting rules are inevitable. Because of this, vetting private flood insurance markets should be a GIVEN for clients and/or brokers. #floodinsurance #flood #CAT #homeowners #homeinsurance #exposure #managingexposures