FLOODINSURANCE

lines practice leader, The Liberty Company Insurance Brokers. “Clients don't know what they don't know, so bringing your expertise to the table and showing clients that you are looking out for their best interest and allowing them to make informed decisions will always go very far with gaining their trust and building long-term relationships."

2) Understand the coverages available in your flood insurance market. “Risk Rating 2.0 has changed how the NFIP is pricing flood policies, so any agent looking to write an NFIP policy must understand the new rating guidelines associated with Risk Rating 2.0," Masone says. “They should be looking to their Write-Your-Own carrier for support to ensure they obtain all of the new rating elements required to get an accurate price."

Additionally, private and excess flood insurance coverage should be understood to ensure agents offer full-value flood coverage for their clients.

Continued from page 21

“It's also worth mentioning that every homeowners conversation surrounding flood should include additional living expense coverage, which is not available through the NFIP, but is regularly available if you're offering coverage through the private or excess market sometimes it's included at no additional cost," Hannah says.

For high net-worth clients, “agents must understand the risk and be aware of coverage restrictions in the NFIP and available private market policies to offer excess flood insurance if warranted by the building type," Masone says. “Primary limits could be exhausted quickly, so tapping into an excess product could provide the extra coverage that a customer needs."

However, insuring high net-worth homes against flood can be complex. “These structures are often built with high-quality, unique materials and are often very custom in design and features," says Wes Brum, account executive, Insurance Associates Inc.