THE INCREASING RISK OF FLOOD Flood zones are supposed to provide an indication of a home’ s flood risk. However, a number of these maps, officially known as Flood Insurance Rate Maps and maintained by FEMA, haven’ t been updated in decades. With climate change and rising sea levels, homes are more at risk of floods than people may realize. FEMA reports that one in four flood claims filed are by homeowners outside of what is considered a“ high-risk flood zone” and that nearly every property has some risk of flooding, underscoring the importance of flood insurance no matter where you live.
If You Thought All Private Client Insurance Providers Were The Same, Think Again.
lNSURANCE DECISIONS SHOULD NOT BE MADE IN THE DARK. At Starkweather & Shepley, our Private Client professionals understand successful individuals and families require more than a one-size fits all approach to personal asset protection and insurance solutions. Visit starshep. com to speak to one of our trusted advisors. We look forward to speaking with you.
ASSESSING RISK: CATASTROPHE MODELING To help ensure the company has a healthy and diverse portfolio today and decades into the future, PURE exhaustively assesses risk when making decisions about selection, pricing, aggregation and capital. It evaluates the losses from its claims history and marries that with a deep understanding of high-net-worth homes and how they perform during catastrophic events. The company then uses catastrophe models to fill in blind spots as weather patterns continue to change over time. Catastrophe models statistically simulate tens of thousands of years of natural perils to quantify the probability of events, identify where they are likely to occur and estimate what the loss will be.
Each quarter, PURE models hurricanes, earthquakes, winter storms, convective storms and wildfires. As a result, it continues to grow with the proper reinsurance to protect the membership in worst-case scenarios. It’ s important to note that while catastrophe models are powerful tools, they can fall short when it comes to capturing the unique and resilient features of luxury homes.
With this knowledge, PURE carefully evaluates these predictions while balancing factors like the exceptional quality and construction of members’ homes and the wellintentioned, responsible membership. It also makes assessments on climate change annually and, while the company cannot precisely predict the extent of its impact, it can say with certainty that home resiliency is becoming increasingly important.
Make sure your property is covered in the face of extreme weather. If you would like to speak to a Private Client Specialist, reach out using the information below. ◆
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