LAKE WORTH, Fla., Aug. 8, 2022 /PRNewswire/ — Flood Risk America ("FRA") announced today that the company has submitted a recommendation to the Honorable Congressman Vern Buchanan’s Office proposing a change to the flood policy language that could assist millions of American property owners from ending up in the Repetitive Loss Program.
FEMA’s Repetitive Loss Program indicates that, due to recurring flood losses to the property, property owners are no longer insurable by FEMA and must go to the private insurance market for insuring their property. FRA has proposed a change to the flood loss avoidance measures policy language.
FRA has used a single property as a case study for driving the change. A commercial property in Sarasota, Florida, has cost the American taxpayers more than 2.7 million dollars in flood policy payouts. This property – if they were to flood again – may lose their flood policy forever. This situation occurs daily throughout the United States. Flood Risk America has proposed a $51,000 program that could prevent flooding from reoccurring. This case study highlights the significance of the FRA’s proposal to making the change to the existing flood policy language.
Flood Risk America proposal includes two recommendations for Congress – to give the power to the business owners to hire licensed contractors, and to allow each state to implement its own licensing for approved Flood Mitigation Contractors.
"We believe that by utilizing this change to the existing flood insurance policy verbiage, FEMA could save billions on an annual basis by giving property owners a fighting chance to save their businesses," said Stave Gill, CEO at Flood Risk America.
This change in policy language would generate much needed jobs at the federal level, as FEMA currently assigns an adjuster to each Loss Avoidance Claim filed – from the state level of licensing and oversight of said licensing to mitigation contractors setting up contractual agreements with owners and developments alike. Most of all, this would create an opportunity for private flood risk mitigation companies to assist property owners nationwide in saving millions.
"Flood Risk America has an immense expertise in proactive flood risk mitigation and flood loss prevention. Our proposal to change from the current reactive flood insurance policy verbiage to a proactive flood insurance policy verbiage could prevent or even drastically lessen the impact of flooding to the property owners, while utilizing proactive flood risk mitigation techniques by setting up equipment in the field that could hold back the flood waters," Mr. Gill added.
Help us today by signing this petition! Your signature will be delivered to the Office of Hon. Congressman Vern Buchanan. Together, we can change the world of reoccurring flooding forever.
Flood Risk America, LLC ("FRA") is an industry-leading flood risk management company specializing in FEMA-Compliant, proactive flood risk prevention solutions and products designed to effectively mitigate flood risks for commercial property developers, owners, and operators nationwide. For more information, please visit www.floodriskamerica.com.
SOURCE Flood Risk America