RISMEDIA, May 6, 2011—Severe weather continues to be a concern for many areas in the United States. The weather system which leveled parts of the southeast last week also dumped record rainfall from Arkansas to Vermont. Additional rainfall has some concerned about the flooding that is worsening in the Ohio and Mississippi River Valleys.
As standard homeowners, renters or business-owners policies do not cover flood damage, most flood insurance is written through the National Flood Insurance Program, which is administered by the Federal Emergency Management Agency. Under this program, participating property and casualty insurance companies write standard flood insurance policies and process any associated claims but bear minimal financial risk, as the Federal Treasury is ultimately responsible for any underwriting losses. Policyholders that may be affected by flooding should take comfort in this fact.
Insurers listed as the Top 10 Federal Flood Writers in Direct Premiums Written for 2010 have a thorough understanding of this market. The companies listed in the Top 10 for this region are all affiliated with well-respected and financially stable groups: Fidelity National, State Farm, Allstate, Hartford Fire and Casualty, Travelers, Assurant, United Service Automobile Association, Selective and Nationwide.
For more information visit www.demotech.com.