As an insurance agent, you spend your mornings, days and nights thinking about your clients' insurance coverage after a flood event occurs. This is why it's important to know the difference between disaster assistance and flood insurance, and how each can play a part in your clients' recovery. There are important differences between flood insurance and the disaster assistance available for a presidentially declared disaster, which may impact their ability to bounce back after flooding. To assist you in your duties as an insurance agent, we've provided key talking points to help in discussing flood recovery funding options.
Flooding is a harsh reality many people face, and rebuilding can be difficult and stressful. Knowing the flood risk and having the right coverage can make the difference when recovering after a flood event.
Some key points to know about the differences between disaster assistance and flood insurance are:
Disaster Assistance
FEMA often provides financial aid to individuals and families impacted by flooding. However, this assistance requires a presidential disaster declaration, which many flood events do not receive. Additionally, disaster assistance is not intended to restore a property to its pre-flood state, rather its meant to help property owners begin their recovery.
- Recently, FEMA implemented the most significant updates to disaster assistance in the last 20 years, which include:
- Flexible funding provided directly to survivors when they need it most;
- Expanded eligibility to help more people recover faster; and
- A simplified application process to meet survivors' individual needs.
- These changes apply to disasters declared on/after March 22, 2024.
Flood Insurance
Flood insurance is the tried-and-true way of ensuring your clients' finances are protected against costly flooding. Nobody can stop a flood, but with flood insurance your clients can be at peace knowing that should a flood occur, they will have the ability to rebuild. It is a more comprehensive and reliable coverage, and the NFIP strongly encourages individuals to have a policy, regardless of where they live.
When it comes to protection against flooding, you know the options your clients have. You also know that flood insurance offers the best security and peace of mind in the event of a flood. Help your clients protect the lives they've built by discussing their flood risk and protection options. For the latest updates about flooding and flood protection, visit https://agents.floodsmart.gov.
Assurant Flood
Assurant Flood Solutions, rated "A" (Excellent) by A.M. Best, is a trusted provider of private flood insurance in addition to being among the largest WYO companies for the National Flood Insurance Program- NFIP. Assurant Flood Solutions offer innovative tools for agents combined with superior service that is backed by in-house flood experts, Underwriters and outside Adjusters.
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SElective Flood
Selective Flood rated “A” (Excellent) by A.M. Best has been serving flood insurance needs of Homeowners and Businesses for generations. Selective has been the endorsed flood carrier by the Independent Insurance Agents and Brokers of America since 2001. Selective was one of the first companies to join the NFIP as a Write Your Own (WYO) carrier in 1984 and is now among one of the largest WYO carriers.
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