The effects of rising claim payouts after recent hurricanes
Here are the insights insurance pros and policyholders need to know to navigate the 2022 hurricane season.
Flood could indeed be considered the proverbial “red-headed stepchild” of insurance.
Consider this: Why do homeowners buy other types of insurance such as auto and homeowners but neglect the peril of flood? While regulators require homeowners and auto-owners to carry insurance on those assets, the only requirement for flood insurance is where a home is in a “high hazard risk area,” and even then, only if the homeowner has a federally-backed mortgage. In other words, it protects the banks but unfortunately not the 57 million homes in the U.S. that have significant flood exposure.
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