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Our Company Newsroom Hurricane Season Arrives – Understanding and Communicating the Risks
Our Company Newsroom Hurricane Season Arrives – Understanding and Communicating the Risks
| Hurricane Season Arrives – Understanding and Communicating the Risks |
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| Monday, 01 June 2009 00:00 |
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Monday, June 1st marks the official start of the Atlantic Hurricane season (June 1 – November 30). The National Oceanic and Atmospheric Administration (NOAA) predicts a 50% probability of a “near-normal” season, which means there is a 70% chance for nine to fourteen named storms including up to three major hurricanes (Category 3 or higher). One challenge you may encounter is helping your customers understand the real risk of flooding, whether from a hurricane or otherwise, and what they should be doing to protect themselves. NOAA offers some tips on how to prepare for Hurricane season. One of the most important tips from a financial perspective is to ensure that sufficient flood insurance coverage is in place. Flood insurance through the National Flood Insurance Program is an easy, cost effective way of protecting property from the risk of flood caused by hurricanes and other natural events. This applies to your customers whether or not their properties are on the coast or within the mapped Special Flood Hazard Area. Properties located outside of the Special Flood Hazard Area are susceptible to flooding as well; in fact, about 25% of claims paid through the National Flood Insurance Program are on properties outside of the mapped floodplain. It is imperative for your customers to understand the risk of flooding. At First American, we inform our customers on the risk of flooding and value of flood insurance. In the next issue of our quarterly newsletter, The High Ground, we will discuss the importance of effectively communicating about risk with customers with the intent that through such communication these customers will seek protection for themselves and their properties. First American’s Flood Data and Spatial Solutions divisions offer a variety of products to identify and address risk in your loan or insurance portfolio. Please feel free to contact us at (800) 447-1772 for more information about our flood data, digital flood layer, or suite of hazard risk management products and services. |
