Are Your Clients Covered for the ‘100-Year Flood?’

Last week Houston had its second deadly flood in less than one year. Events like these are often called “100-year floods,” but the name can be misleading.  This term really describes a flood that has a 1 percent chance of happening in any given year.

The Climate Prediction Center forecasted a greater than 90 percent chance of an El Nino event happening last winter and expected El Nino would stick around into spring of 2016. Their climate predictions were correct, as evidenced by the flooding in the Houston area last week.

“Someone builds a couple of parking lots and you just turned a 100-year event into a 70-year event because of the impervious surfaces. Asphalt doesn’t soak up rainwater; it just sends it somewhere else, such as into the house next door,” said Chuck Watson, director of research and development at Enki Research.

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Houston devastated by two deadly floods in less than a year

Are your clients covered?
Does your client own “the house next door?”  Be sure your clients are protected from flooding that may occur as a result of El Nino and protect your agency from a possible E&O claim. Don’t let you clients be one of those in the medium or low-risk areas (B, C, and X zones) that didn’t have flood insurance and were flooded. Between 20 and 25 percent of all claims are in these areas.

IIAT Advantage and Assurant Flood provide flood coverage to your clients that live in these low-to-medium flood zones. Assurant’s Preferred Risk Policy may be just the right fit for these clients. The Preferred Risk Policy (PRP) offers low-cost flood coverage for homeowners, tenants and business owners of eligible buildings located in these areas.  A great value, many PRPs are between $150 and $500 depending on occupancy type and coverages desired, while the average flood insurance costs about $700 per year.

Don’t hesitate – call your Assurant Flood Specialist, Mitch Brown today to get started at 512.656.8610.

 

 

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