This article is part of a series sponsored by CoreLogic.
The increasing threat of rising floodwaters globally highlights the vital importance of flood insurance in managing risks effectively. Historically, accurately assessing flood risk has been challenging and costly. CoreLogic’s Flood Risk Score enhancement revolutionizes the process by providing insurers with a comprehensive set of data elements, including First Floor Height, Lowest Adjacent Grade (LAG), Structure Intersect, and a more detailed Water Surface Elevation (WSE). These components collectively contribute to a more precise and efficient risk assessment.
The Complexities of Flood Insurance
Floods rank among the most catastrophic natural disasters, causing extensive financial losses annually. With the impact of climate change exacerbating flood risks, insurers are facing increasing difficulties in offering robust flood insurance coverage. One significant challenge lies in accurately evaluating flood risk for individual properties, especially in high-risk regions.
The Advantages of CoreLogic’s Flood Risk Score Enhancement:
CoreLogic’s Flood Risk Score enhancement, utilizing AI technology, analyzes property images to extract crucial structural elevation data, particularly focusing on First Floor Height.
Comprehensive Data: The Flood Risk Score enhancement extends beyond First Floor Height to include LAG, Structure Intersect, and a more detailed WSE. This comprehensive approach enables insurers to ascertain vulnerabilities around a structure with precision. Additionally, the enhanced WSE model with one-meter resolution and structure intersect offers insurers a nuanced view of flood risk at the property level.
Automation: By reducing reliance on time-consuming and expensive elevation certificates, the Flood Risk Score enhancement streamlines the process for insurers. It delivers automated address-level structural elevation determinations, resulting in faster decision-making and reduced manual work.
Precision Risk Assessment: Insurers can now differentiate flood risk at a granular level, enabling precise risk assessment, especially in high-risk zones and flash flood scenarios. The data provided extends beyond flood plains, offering insights for properties outside flood zones but still susceptible to flooding. This comprehensive approach aids in accurate risk assessment and avoidance of high-risk areas that may not be classified as such on flood maps.
Efficiency: The Flood Risk Score enhancement can be integrated through various platforms like the CoreLogic RiskMeter Online® and Spatial API, facilitating operational efficiency and saving valuable time for insurers.
Precision, Efficiency, and Reliability
Insurers have long grappled with challenges in flood insurance, including superior risk assessment, efficient data gathering, and accurate structural elevation data requirements. CoreLogic’s Flood Risk Score enhancement effectively addresses these pain points, empowering insurers to assess risks confidently.
The CoreLogic Flood Risk Score enhancement represents a substantial advancement in flood insurance. By leveraging AI and precise property data, insurers can now conduct flood risk assessments with unprecedented accuracy and efficiency, benefitting both insurers and property owners seeking reliable flood coverage. As flood risks evolve in a changing climate, solutions like these are pivotal in staying ahead and safeguarding communities. These enhancements are especially timely amid the nationwide increase in flooding due to climate change.
For more information on underwriting excellence in flood insurance, visit CoreLogic Underwriting Flood Solutions.
©2024 CoreLogic, Inc. All rights reserved. While all content and information are believed to be accurate, CoreLogic makes no guarantee, representation, or warranty, express or implied, regarding the completeness, accuracy, applicability, or fitness of the content, information, or referenced products. The company assumes no responsibility or liability for any reliance on the content, information, or products mentioned. CoreLogic® and RiskMeter™ are trademarks of CoreLogic, Inc. or its affiliates.
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