How Flood Insurance Handles Repeated Loss Properties

Flooding is a significant concern for homeowners and property owners, especially for those whose properties have experienced multiple flood events. At Paige Agency, our team understands the challenges that come with insuring repeated loss properties and is here to help clients find the right flood insurance solutions.

What Are Repeated Loss Properties?

Repeated loss properties are homes or buildings that have filed multiple flood insurance claims due to recurring flood damage. Some properties are more vulnerable to repeated flooding and are often classified as “repetitive loss” or “severe repetitive loss” by insurance carriers and the National Flood Insurance Program (NFIP).

How Flood Insurance Addresses Repeated Losses

Flood insurance policies, including those offered through the NFIP, may offer coverage for repeated loss properties. However, there are important considerations:

• Premium increases: Properties with multiple claims may see higher premiums over time, reflecting the increased risk.
• Mitigation requirements: The NFIP may require property owners to take steps to reduce future flood risk, such as elevating the building or installing flood barriers, to maintain coverage or qualify for lower rates.
• Claim limits: There may be limits on the total amount paid out for repeated claims, and in some cases coverage could be restricted if mitigation measures are not implemented.

Solutions for Property Owners

Our team at Paige Agency works closely with clients to help them understand their flood risk and explore all available coverage options. We can help with:

• Reviewing your property’s flood history and current insurance status
• Explaining NFIP and private flood insurance options
• Identifying mitigation strategies that may lower your risk and premiums
• Guiding you through the claims process and helping you meet any requirements for continued coverage

If you own a property that has experienced repeated flood losses, contact us today to discuss your options.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.