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Flood Digest

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Alabama’s new law, consumer survey

This has been a busy couple of weeks on the flood & resilience front, with Alabama passing a bill to exempt private flood insurance from rate filing requirements, and a new survey on consumer opinions on flood risk and insurance.  I’m getting ready to present later this week at a conference in St. Pete on growing the private flood market and hope you can make it in person or virtually.  It’s all in this week’s Flood Digest!

FEMA Conference: The Florida Floodplain Managers Association is holding its “FEMA Conference 2021,” taking place tomorrow through this Friday, April 16 in-person and in virtual session at the Hilton Bayfront Resort in St. Petersburg.  I’ll be presenting at the 8:30am session Friday with When it Rains it Floods!, on the Top 10 reasons we can and must advance private flood insurance in this country as a needed alternative and complement to federal flood insurance.  Conference registration is still open and you can sign up for individual days.  We’re also going to get an update on Hurricane Michael recovery in Panama City; learn the latest on floodplain design and from others’ lessons on CRS and mitigation planning, including beaches; plus of course, a number of important FEMA updates, including the new Risk Rating 2.0 insurance ratings program.  I do hope you can join us!

Alabama Private Flood Law: I’m so pleased to report that the Alabama Legislature has passed SB 69 to help encourage a thriving private flood insurance market for the state’s nearly 5 million residents.  The bill took effect last week and exempts insurance companies from annual rate filing and approval requirements on their flood lines.    It’s another state, along with South Carolina, that took heed of the Private Primary Residential Flood Insurance Model Act approved last fall by the National Council of Insurance Legislators (NCOIL).  The Act provides a streamlined way for more states to create a vibrant private flood market, just as Florida has (with 39 companies and growing).  Iowa and Massachusetts have active bill efforts undergoing as well.  We are continuing our work in other states to use the NCOIL model as a framework and foundation for meaningful private flood insurance legislation.   

Consumer Flood Survey: The folks at Neptune Flood, in partnership with the University of South Florida (USF), are out with their latest Consumer Survey of Flood Awareness. The survey comprises qualified responses from 1,254 respondents across 39 US states.  Key findings include:

  • Most people still do not appreciate the risk their home is in of being flooded, with 60% believing they are at ‘low or no risk.’ 
  • There is a high level of confusion over the term “flood zone,” with a third of respondents unsure what flood zone they’re in.
  • 23% of those in high hazard areas would potentially not renew if not mandated to have flood insurance.

 “The data indicate that consumers recognize the increasing risk of flooding, and offer up recommendations for how to increase the level of insurance coverage in the country,” said survey designer Dr. Philip Trocchia of USF’s Customer Experience Lab in St. Petersburg.

LMA Newsletter of 4-12-21

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Tags: FEMA, Flood Insurance, Flood Insurance Survey, Flood Mitigation, Florida Floodplain Managers Association, Model Private Flood Insurance Law, Private flood insurance, Private Primary Residential Flood Insurance Model Act.

“Lisa this is another great newsletter, and we appreciate the time and energy you put into these informative updates – you are on top of these topics!”

Mike Graham, CEO
Smart Vent Products, Floodproofing.com, & Risk Reduction Plus
Juno Beach, FL

“Just a quick note to let you know how much I have appreciated your newsletter over the years and the assistance they offer for those in the field of claims. We depend on the information more than you will ever know!”

Laurie Rasberry, Chief Claims Officer
Acorn Claims
Prosper, Texas

“Thank you Lisa for staying on top of, as well as advocating, for Florida residents and legislative reform. Your newsletters are very informative and enjoy reading the points of view.”  

Shawna Miller, Sr. Claims Quality Assurance & Compliance Manager
Florida Peninsula Insurance Company
Jacksonville, FL

“Lisa Miller is a true champion for the insurance industry, with her regular updates! We appreciate all you do and keeping us up to date on priority issues!”

Gillian Lloyd, Account Executive
Zywave
Milwaukee, WI

“Just wanted to say that I thoroughly love your newsletter. It’s is always informative and insightful to the ins and outs of our industry.  You are an inspiration and an important asset in the insurance world.  Keep up the great work!” 

Cynthia Scott, President
University Insurance Group
Davie, FL

“Great article on Risk Rating 2.0!”

Austin Perez, Senior Policy Representative for Federal Housing, Valuation, Insurance and Commercial Issues
National Association of Realtors
Washington, D.C.

“Your newsletter is fabulous!  I greatly appreciate the topics you expose, so that insurance professionals like myself can keep up with the latest events that affect the public we serve and ourselves.”

Cynthia Hoehn, Independent Property & Casualty Personal Lines insurance agent
Clermont, FL

“I have followed your weekly newsletter and podcasts and now have a full appreciation for what you bring to this industry.  You are an inspiring force, plain and simple.  I wanted you to know that you make a difference.  Thank you for all you do!”

Jeffrey Karam, CPCU
Bradenton, FL

“Another great Newsletter on Florida industry this week.  Your service and advocacy in Florida is very important to keeping me updated and apprised of the Florida insurance laws, trends and overall environment.  Something similar is very much needed in Louisiana, too.”

Jennifer Tedesco, Esq., Claims Director
Pharos Claims Services
Orlando, FL

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