Where did 2023 go? It is a great question, and I wish someone would give me the answer! So much has happened this year, especially in the Flood insurance industry, and it does not appear to be slowing down soon. Although time has flown, I’m proud of what we achieved together in 2023, and here’s why.
We started 2023 with the chaos of Risk Rating 2.0 (RR 2.0), which caused me many sleepless nights. Working as a team, we persevered and issued our renewals before the deadline. Side by side, we learned the new underwriting requirements and now better understand how FEMA calculates rates under RR 2.0. Just when we thought we could take a breath and celebrate these accomplishments, the weather started to get crazy.
The spring and summer months brought heavy rains to many areas, and the 2023 hurricane season was highly active. We navigated our customers through these potentially devastating seasonal events by working together. For customers who experienced a flood, we issued advanced payments and closed claims without delay, helping them recover quickly.
2023 also challenged us with the ongoing potential for a government shutdown, and we experienced the 26th and 27th short-term reauthorizations of the NFIP’s WYO since 2017 in September and November, respectively. Through it all, we remained prepared to help our mutual customers keep their properties protected by sending out bills early to ensure policies could be issued.
I sincerely thank you as our valued agency partner for supporting the Selective Flood team this year. We remain committed to supporting you in the new year and beyond. Happy holidays, and cheers to a great 2023 and an even better 2024!
Cassie Masone
Vice President, Flood Operations
Coming Soon: Standalone Earthquake Coverage
The National Earthquake Information Center reports, on average, 55 earthquakes daily. Standard insurance doesn’t typically cover earthquakes, meaning business owners and homeowners may be at risk of costly uninsured losses.
Starting early 2024, you can help fill this gap in coverage by offering standalone earthquake coverage through our partners at Palomar Specialty Insurance Company. With limits up to $15M, earthquake coverage helps cover losses to the insured dwelling and personal property, and additional living expenses if a home becomes uninhabitable during repairs.
Coverage Requirements
- Companion homeowners or dwelling fire property insurance is required.
- Acceptable construction types include frame, steel, stucco, brick veneer, and masonry.
- Any pre-existing structural damage due to an earthquake must be repaired before securing coverage.
- Coverage is only available in AR, AZ, CA, HI, IL, IN, KS, KY, MO, MS, NV, OK, OR, SC, TN, TX, UT, and WA.
If you need additional information, check out this flyer or contact your Flood Territory Manager with any questions.
Diversity, Equity, and Inclusion in Flood Insurance
Selective strives to demonstrate its commitment to promoting diversity, equity, inclusion, and accessibility. One way we deliver on this is by partnering with organizations that share these values.
Latin American Association of Insurance Agencies
Selective has supported the Latin American Association of Insurance Agencies (LAAIA) for over 22 years and, in 2023, became an LAAIA Silver sponsor. Founded in 1969, LAAIA’s mission statement emphasizes the anchors of education, information, networking, and active participation in community service and the political environment.
Selective proudly hosted Juan Carlos “JC,” President of LAAIA, for a fireside chat during this year’s Hispanic Heritage Month. Our employees heard from JC about his family’s agency, his current role as Vice-President of GIC Underwriters, and the current and future plans for the LAAIA. In 2023, after Hurricane Ian, the Selective Foundation donated $5k to help LAAIA with their charitable efforts. We’re also supporting LAAIA’s chapter growth by sponsoring the recent launch of the Atlanta chapter.
National African American Insurance Association
Selective’s relationship with the National African American Insurance Association has spanned over a decade. Initially supporting our employees who participated in NAAIA at a chapter level, in 2021, we became a Level 1 Corporate Partner.
In 2023, we expanded our NAAIA commitment by giving NAAIA’s independent insurance agents access to write flood coverage with Selective. We look forward to serving and supporting NAAIA agents and their customers by providing access to flood experts who can help them navigate the ever-changing National Flood Insurance Program (NFIP) and service claims after a flood event.
Check out this article to learn more about our affinity partnership with NAAIA.
Underwriting Date Rule
As you know, there is typically a 30-day waiting period for flood insurance through the National Flood Insurance Program (NFIP).
But did you know there are a few instances where this wait may not apply?
Selective Survey Finds Only 14% of U.S. Residents Say They Have Flood Insurance
A recent survey commissioned by Selective and conducted online by the Harris Poll shows that only 14% of surveyed U.S. adults currently have standalone flood insurance.
The online survey conducted by Harris Poll also revealed that many homeowners and renters don’t fully understand flooding and flood coverage.
Survey Results
- 62% of respondents believe that floods can only happen during a major storm, like a hurricane or a tropical storm.
- 65% of respondents with homeowners or renters insurance believe their current policy will cover damages caused by a flood, which is not always true.
- 64% of U.S. residents live within 10 miles of a body of water, yet only about 24% are concerned that their home will experience a flood in the next five years.
Help us remind customers why it’s important to protect their homes and personal belongings against flooding by obtaining Flood coverage or renewing their policy. Remember to add QuoteItNow to your agency’s website to empower your customers to start the flood quote process at their convenience.
Survey Methodology
This survey was conducted online within the United States by The Harris Poll on behalf of Selective Insurance between July 11-13, 2023, among 2,048 U.S. adults ages 18 and older and August 17-21, 2023, among 2,069 U.S. adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. The sample data is accurate to within +/- 2.7 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Katelyn.Leondi@Selective.com.
Meet the Selective Flood Team
Our Flood Underwriting teams are well-versed in regional flood issues and ongoing NFIP legislative changes. Get to know Jennifer Martinek and Jennifer Stickle, “The Jens” of the Northeast Region.
Jennifer Martinek
Jennifer (Jen) Martinek has worked with Selective for over 3 years. As the Northeast Region’s Flood Underwriting Technical Assistant, Jen enjoys working closely with her team to help protect the businesses and families in our communities against flooding.
Jen is incredibly grateful for her family. She’s been married to the love of her life for 15 years, and they love spending as much time as possible with their 3 girls and the family dog.
Jennifer Stickle
Jennifer (Jen) Stickle started her insurance career straight out of college, handling Workers Compensation and General Liability claims before finding her home at Selective.
Jen’s Selective journey began just over 6 years ago in the Customer Service department before serving as an Underwriting Technical Assistant and then transitioning into her current role as an Underwriter. Her passion for helping our agency partners and customers navigate the complex flood insurance landscape has led to her ongoing success in this role. In her free time, Jen loves traveling any chance she can, with a travel goal of visiting all 50 states.