Guaranteed Rate Insurance LLC, a national insurance brokers, released its proprietary private flood insurance API connection through its CRM platform that allows its agents to automatically provide flood quotes in all zones from multiple private flood providers. The quoting platform will present multiple flood quotes alongside homeowners quotes for properties in 48 states and Washington, DC.
The process of selling takes only a click from the agent, confirmation of property details and coverages/deductibles. In turn, the binding process takes only minutes. This new platform provides Guaranteed Rate Insurance customers an immediate way to receive and compare flood coverage as part of their homeowners insurance policy, directly at point of sale.
According to FEMA, “99% of US counties have been impacted by a flooding event, and just one inch of water inside a home could cause $25,000 or more in flood damage. Severe thunderstorms account for up to 70% of all insured natural catastrophe losses in first half of 2023,” Swiss Re Institute estimates.
Jeff Wingate, EVP and Head of Insurance for Guaranteed Rate said, “Any agent who does not provide a flood quote is doing a disservice to their customer. Our top priority is to equip our agents with the necessary tools to offer their customers a wide range of coverage options, empowering them to make informed decisions.Our technology team has done a tremendous job bringing these innovative tools to the market.”
Flood coverage is excluded from all homeowners policies. With extreme weather events causing excess rainfall amounts across the country in areas that have never been prone to flood losses, Guaranteed Rate Insurance developed this solution to allow all customers to be given the option to purchase flood insurance, no matter their flood zone risk level. Compared to the federal NFIP program, private flood is a viable and competitively priced option that provides higher limits, much broader coverage such as replacement cost vs. actual cash value, and coverage for pools, other structures, and basement contents.
For agents, it has never been easier to provide flood insurance without the time-intensive and potentially error prone process of manual data entry across multiple carrier sites. For customers, they will always have options to protect their properties from water and weather-related catastrophe, which is especially important in markets such as Florida that will start to require flood insurance on a mandatory basis with certain carriers.
In the coming months, Guaranteed Rate Insurance will look to further expand the new flood offering within their digital marketplace and will be marketing flood insurance to their existing customer base.
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