The risk of catastrophic loss during hurricane season requires an innovative approach to
property coverage—and a rapid response when losses occur. For over 40 years, Lexington
Insurance Company has helped our brokers and clients prepare for, protect against, and recover
from catastrophic losses. We are the leading U.S.-based surplus lines insurer, and a property
and casualty market leader.
Make sure you’re a step ahead of risk this hurricane season. Watch LexTV for the latest
on hurricane risk and coverage solutions.
Hurricane 2012 Update
Dr. Phil Klotzbach updates his 2012 seasonal hurricane forecast and shares his outlook for the remainder of the season. This episode also introduces Lexington's new Hurricane Infographic which will help streamline the understanding of a hurricane event.
TYPE OF FLOOD MAP CHANGES
WHAT YOU SHOULD KNOW WHAT YOU SHOULD SAY Low- or moderate-risk zone (B, C, X) changing to a high-risk zone (e.g. AE, VE) or Change in Base Flood Elevation
Grandfathering Offers Savings·
The National Flood Insurance Program (NFIP) has “grandfather” rules to recognize policyholders who have either built in compliance with the flood map or who maintain continuous coverage. These rules allow such policyholders to benefit in the rating for that building.
· Grandfathering is available for new purchasers as well as existing customers.
· Always use the new map if it will provide a more favorable premium (lower rate).
· Your building has been designated in a high-risk area for flooding.
· You will be required to purchase a flood policy if you carry a mortgage from a federally regulated lender.
· If you don’t carry a mortgage, you should protect your home with flood insurance. National statistics show that you are 3 times more likely to have damage by a flood than by fire.
· Purchasing before the map revision allows you to save on insurance.
Loyal Customers Can Keep Existing Zone (Pre- & Post- FIRM)
· Customers, who buy a policy before maps are adopted and maintain coverage, can retain the lower-risk zone rate.
· Eligible customers can purchase a PRP now. It will renew to an X zone rated standard policy.
· Have a policy: maintain continuous coverage.
· A policy can be assigned to future property owner.
· Buy now to save later.
· Renew to stay protected and save money.
Show Compliance With a Previous FIRM for Lower Costs (Post- FIRM only)
· To keep existing zones when the structure was built: Get a copy of FIRM effective at time of construction or a compliance letter from community official.
· To keep existing BFE when the structure was built: Get Elev. Cert, and copy of FIRM effective at time of construction; or compliance letter from the community official.
· Lower cost options: show building was built in compliance at time of construction.
· Makes you eligible for a lower rate, keeps costs DOWN.
High-risk zone (e.g. AE, VE) changing to a low- or moderate-risk zone (X, shaded X)
Conversion Offers Savings · Write a Preferred Risk Policy (PRP).
· Use existing policy’s current effective date, and use closest coverage limit or next highest options if no exact match.
· Submit PRP application, and insured signed conversion form.
· Your risk is reduced, not removed!
· Eligible for low-cost, Preferred Risk Policy
· Stay protected and get money back once maps are adopted.
· No gaps in coverage; no additional money up front.
· 20-25% of all flood claims occur in low- or moderate-risk areas.
Review of Current Coverage Ensures Protection·
Do they have flood insurance?
· If so, is the building limit up-to-date?
· Contents coverage provided and limit up-to-date?
· Homeowners insurance doesn’t cover damage due to floods.
· Floods happen anytime, anywhere.
· Your home is a major investment—protect it.
Something to share; the National & State Do Not Call List:
888-383-1222 National Do Not Call List
866-231-2255 State Do Not Call List
888-567-8688 Credit Card Do Not Call List
Just call to get on the listing.
WHAT YOU SHOULD KNOW ABOUT
THE NATIONAL DO NOT CALL REGISTRY
The National Do Not Call Registry gives you a choice about whether to receive telemarketing calls at home. Most telemarketers should not call your number once it has been on the registry for 31 days. If they do, you can file a complaint at this Website. You can register your home or mobile phone for free.
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