Imagine waking up to a world where safety boundaries have shifted overnight. Homes that are standing firmly on dry ground are now reclassified into high-risk flood zones. Streets that have never seen a drop of standing water are suddenly part of a floodplain. This isn’t a scenario from a dystopian novel — it’s the reality many homeowners and business owners will face as the Federal Emergency Management Agency’s (FEMA) new flood zone maps come into effect on July 31, 2024.
For insurance agents like you, these changes represent both a challenge and an opportunity. The updated maps mean that more properties than ever will require flood insurance. Navigating this new landscape is crucial for ensuring your clients are adequately protected against the increasing threat of severe weather events.
Why the New Mapping Is Necessary
The urgency behind updating FEMA’s flood zone maps stems from significant environmental changes observed over the past two decades. As Sean Buchtler, AVP of Personal Lines for Jencap, explains, “The new mapping was long overdue, as we know storms have been more intense now than in the past.” The outdated maps failed to account for these intensifying conditions, leaving many property owners underprepared for potential flood risks. Rising sea levels are another critical factor driving the new mapping guidelines. Coastal regions, particularly in Florida and the Southeast United States, have seen noticeable changes, leading to higher and more frequent flooding incidents.
Buchtler also notes, “Flood mitigation is not keeping up with population growth in flood-prone areas,” which is exacerbating the vulnerability of these regions. As more residents and properties concentrate in these areas, development increases, land use changes, and impervious surfaces like roads and buildings multiply, all heightening flood risk.
From Knowledge to Action: Tips for Insurance Agents
As an insurance agent, understanding the changes brought on by the new flood zone maps is only the first step. The real value lies in leveraging this information to benefit your clients and grow your business. With more properties now classified as high-risk and premiums rising, your role in guiding clients through these changes is more crucial than ever. Here are some practical steps you can take to ensure your clients are adequately protected:
- Be a resource for your clients. Inform them about the changes in flood zone maps and the implications for their properties. Explain why these updates are necessary and how they can impact insurance premiums and requirements.
- Review existing policies. and determine if additional flood coverage is needed based on the new maps. Ensure clients understand the benefits of having comprehensive flood insurance.
- Utilize advanced tools. to provide accurate and up-to-date information to clients to help them make informed decisions about their insurance needs.
- Stay on top of the trends. Attend industry webinars, read relevant publications, and participate in professional networks to learn about the latest developments in flood risk management and insurance products.
How Jencap Can Help
Another critical step you can take is to partner with a reliable and knowledgeable wholesale broker. Finding the right partner can make a significant difference in navigating the complexities of the new flood zone maps and ensuring your clients receive the best possible coverage.
Jencap offers access to a robust network of flood carriers, providing tailored solutions to meet clients’ unique needs in flood-prone areas. Our expertise and extensive market access enable us to offer competitive rates and comprehensive coverage options. Sean Buchtler emphasizes, “At Jencap, we understand the challenges posed by the new flood zone maps and the heightened need for adequate flood coverage. We equip insurance agents with the tools and resources necessary to advise their clients and effectively offer the best protection.”
For more information on Jencap’s flood insurance offerings, contact Sean Buchtler, AVP of Personal Lines, at sean.buchtler@jencap.com or get a quote today.
