Flood Protection

Flood Protection

Flood is the most frequently occurring natural disaster in the United States. Flood impacts every state, even in areas not deemed a flood plain. With the average flood loss averaging $26,000, Homeowners in low-to-moderate risk areas are often uninsured against these serious losses and left with expensive repair costs.

Furthermore, NASA states that current climate models indicate rising temperatures will intensify the Earth’s water cycle, leading to an increased risk of flooding. As the risk of flood continues to rise in the U.S., so too does the need for flood insurance.

For Personal Lines carriers looking for an effective turnkey approach to flood risk, AAIS has partnered with Munich Reinsurance America, Inc to  deliver an all-new Flood Protection™ solution tailored to the consumer marketplace. Ease of implementation is key as the flood protection is an endorsement that can be attached to an AAIS Homeowners policy. It also provides access to reinsurance capacity to help manage risk accumulation.

Flood ProtectionTM provides coverages for:

  • Overflow of inland or tidal waters

  • Unusual and rapid accumulation or runoff of surface waters, including but not limited to rainfall and ice melt

  • Mudflow

Flood ProtectionTM also provides:

  • Differentiated coverage as flood is not covered in average homeowners policy.

  • Flexibility to customize or adjust the AAIS standard product to meet the unique needs of Member carriers and their customers.

  • Tailored endorsement to meet the requirements of all jurisdictions to help meet risk management goals.

  • Filing support including assistance with answering state objections.

  • Sample supplemental manual for rules, factors, and loss costs.

Hi-Tech Delivery

  • Program specifications for adopting the flood protection endorsement and incorporating that into a carrier’s rating platform.

  • Statistical reporting.

  • A wide range of industry partners supporting policy administration and claims systems, as well as company-specific rating solutions.

Hi-Tech Delivery

  • AAIS subject matter expertise for:

    • Forms and endorsements

    • Manuals, rules, factors, and rates

    • Actuarial methodology and procedures

    • Data

    • Information technology

    • Legal compliance

  • Member support to implement AAIS products.

  • AAIS advisors collaborate to guarantee a smooth transition or implementation to AAIS products and a rapid response to any issue, problem, or potential obstacle.

For more information…

Contact an AAIS Personal Lines Advisor for more information on how to leverage AAIS’s custom solutions to address your particular needs.