Oct 11, 2021

Improving Access to Flood Insurance

Buying flood insurance has never been more top of mind, or complex. For homeowners around the country, flooding from Ida is a reminder of how vulnerable their most valuable asset is to a sudden catastrophe. And yet when disaster strikes, the majority of US households are un or underinsured. Risk Rating 2.0, the next generation of FEMA's National Flood Insurance Program (NFIP), will likely only make it more difficult for US households to secure affordable flood insurance. From accessing private insurance options, to comparing coverage and prices, to deciding whether to self-insure, the New York Times articulates the challenges facing homeowners today.

At Annex, we are working to close the insurance gap and improve accessibility by making it easy to comparison shop for flood insurance. We've done this by pulling together major private flood insurers as well as the NFIP into a single, modern comparative rater--think Kayak for flood insurance. Comparison shopping is important because prices can vary by hundreds or thousands of dollars for a single address. Ease of use is also critical, and Annex's rater enables agents to get their clients to a bindable quote in less than 90 seconds with just a few pieces of information. Finally, context is king. Annex embeds comparison shopped flood insurance quotes at the point of sale for a homeowners insurance policy, enabling a bundled experience that dramatically improves uptake. Flooding is inevitable, but with modern technology and effective design, Annex can help improve resilience and protect homeowners in danger's way.

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