![]() He said it’s hard to say an insurer won’t insure any homes in an area, and it considers insuring on a case-by-case basis. John Lyon, chief executive of underwriter Ando Insurance, said Ando won’t insure houses in areas subjected to repeated flooding, but it might insure them “for other perils”. “New insurance applications are assessed on a case-by-case basis, as is usual practice.” It said it didn’t “currently have flood exclusions in place for residential properties in Auckland” and was still providing cover. Insurer IAG, which along with Suncorp dominates New Zealand’s insurance industry, said it was common practice for insurers to put temporary extra requirements in place for new insurance cover after major events. And customers aren’t really able to verify so they’ll be quite confused as to why some have premiums dropping and others don’t.” ![]() ![]() If you’re in an area where storm drains can’t cope, you’ll be marked as high risk. “If you ever flood the bottom of your property, you’ll be marked as high risk. Insurers used technology to map out which homes had flooded, or could flood, and could identify risk street-by-street and house-by-house. He said climate change had changed the calculations for insurers, and they would take the maximum cautious approach to risk. That could mean people have to pay three- or four- or five-times their premiums, he said. Homeowners in high-risk areas could try shopping for insurance from offshore providers but there was no guarantee those policies would be rolled over year-to-year so would bring a risk of becoming uninsured, Naylor said. He said cliff-top or cliff-bottom properties and homes along the foreshore are high risk, and insurers could roll over policies in those areas and hike premiums – but there would be no domestic competition to give consumers choice. Massey University academic Michael Naylor, who has authored a book on the future of insurance, said a worst-case scenario from Auckland’s record-breaking storm was that parts of the city could become too expensive to insure. To learn more or gain access to this program you can visit or could walk away from some of Auckland’s most expensive residential areas, causing a “massive drop” in property values. The combination of Yep Insurance and Coastal Risk brings a win-win scenario to consumers and insurance professionals and will be the new standard in the marketplace for flood insurance and risk analysis. Yep Insurance has opened its platform to both insurance professionals and consumers as a Wholesaler/MGA and is currently servicing more than 200 insurance agencies and growing. One of the defining trends of property management will be evaluating flood risks by taking tidal flooding and sea level rise into account. Through Coastal Risk's Flood Risk Screening Report, the FIRST Score®, and/or a detailed Coastal Risk Rapid Assessment™ Report, clients will be provided maps showing when and where flooding is projected to occur. This is now possible through the powerful combination of Coastal Risk's cutting-edge flood risk technology and Yep Insurance's robust all-access flood insurance quoting platform.Ĭonsumers, insurance agents, real estate investors, and lenders will now be able to access the entire market of low-cost flood insurance alternatives, including the NFIP, in one simple place at Alongside this powerful quoting mechanism, there will be three types of flood risks available for every coastal property in the US, using high-resolution elevation data and proprietary algorithms. In order to protect lives and property values, it is critical that the latest technology and modeling be used to plan for mitigation and provide for wider access to low-cost flood insurance alternatives. As if that isn't enough, there has not been sufficient access to the proper resources to help those in need to accurately understand their specific exposures to flooding. While thousands of Americans are currently struggling to recover from the aftermath of devastating floods occurring with greater frequency across our country, millions of consumers are drowning in skyrocketing flood insurance premiums. ![]() ![]() 1, 2017 /PRNewswire-iReach/ - Coastal Risk & Yep Insurance have announced a partnership today that presents a new-found hope for the challenging issues surrounding the complicated risks of flooding and the side-effects that come along with misunderstanding this unique force of nature. ![]()
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