Viewpoint: How the Northeastern U.S. Private Flood Market Can Close the Coverage Gap By Garrett Mitchell | December 22, 2020
The northeastern U.S. is one of the key areas of the country at risk for flooding, as evidenced by the billions in losses from Superstorm Sandy, which saw more than $8.1 billion in 144,000 NFIP (National Flood Insurance Program) claims.
When procuring flood insurance, agents and homeowners have had virtually one option since 1968: The Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program. NFIP has more than five million policyholders nationwide and is the nation’s largest single-line insurance program providing nearly $1.3 trillion in coverage against flood.