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Industry panel: private flood market supplements NFIP; agents play key role in outreach and sales
Summary
Industry representatives told the Jan. 30 forum that a growing private flood market complements the NFIP, offers higher limits and sometimes different coverage (for example, basements), but consumer uptake remains low and agents are central to education and sales.
Industry speakers and independent agents told the Insurance and Real Estate Committee that the private flood market has expanded in Connecticut and nationally but that many property owners still do not buy coverage.
"Despite my title, I've been involved with flood insurance for about 4 decades at this point," said Don Griffin, reflecting on the private sector's role in selling and administering flood coverage. Griffin described the private sector's participation in the NFIP "write your own" program and said private companies also write excess flood coverage above…
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