Dispel Clients’ Myths About Flood (and Cover Your E&O Exposure, Too!)

    Posted by MAIA on July 20, 2020

    NumOneFloodZoneImage

    Homeowners never think they need flood insurance until they’re standing knee-deep in their waterlogged basement. And then they’ll claim it’s YOUR fault they’re not covered. By dispelling the myths about flood insurance, you can help get your clients the important coverage they deserve. And if they still refuse? A signed Flood Insurance Waiver form helps protects YOU from E&O claims. MAIA’s Number One Insurance Agency is here to help with both. 

    Be ready with the facts when clients share these common myths about why they don’t need flood insurance.

     

    Myth #1: “My house is not a in flood zone.”

    FACT: Everyone lives in a flood zone, it’s just that some zones are higher-risk than others.

     

    Myth #2: “My property has never flooded.”

    FACT: During a 30-year mortgage period, you are about 25 times more likely to experience a flood than a fire. People would never skip fire insurance, even if they’ve never had a fire.

     

    Myth #3: “I do not live near a major body of water.”

    FACT: You DO live in Massachusetts, where winter storms, spring melt off, and heavy rains often cause flash floods; urbanization and construction sites often divert water flow; water mains break; storm drains get clogged… and so on.

    Don’t let the myths deter you from providing the service your clients deserve! On the other hand, don’t let a client’s refusal to purchase flood put your agency at risk!

     

    No Sale? Get a Signed Flood Insurance Waiver

    Failure to offer the proper coverage or limits continues to be the top reason for E&O claims allegations. Have your customer sign a Flood Insurance Waiver, acknowledging they have been given the opportunity to purchase but refused. Attach it to their file.

     

    Download this free template (that can be tailored for Commercial risks too!) and customize it for your agency:

    FLOOD INSURANCE ACKNOWLEDGMENT WAIVER

     

    Need help getting access to a WYO Flood carrier or have questions in general?

    Contact Judy Carlson

    Assistant Agency Manager

    jcarlson@massagent.com

    508-634-7368


    Still think flood is too much of a hassle to deal with? 

    Let Number One’s FLOOD CONCIERGE Team do the work FOR you, while you get 60% of our commission! We’ll provide your insureds with all the options, signoffs, and great customer service that includes electronic signature proposal options and online payment portals! Visit our Flood Concierge page and call us to get started!  

     


     

    We are here for you! MAIA and the Number One Insurance Agency are working remotely and open for business during our regular hours of 8:30 am – 4:30 pm. Please view this Staff Directory for all of our emails and direct dial numbers. For the latest information regarding our industry and COVID-19, please visit our MAIA COVID-19 Resource Page

    Topics: The Massachusetts Agent, Number One, Flood, 2020

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