“Determine the thing that can and shall be done, and then we shall find the way.” – Abraham Lincoln
Everyone, including us here at Vector Risk Solutions, has been watching 2020 unfold in shock, like a movie you can’t take your eyes off. It’s been absolutely crazy so far and where it’s going next is anyone’s guess. For our 2020 insurance adjuster world, we have a couple of positive plot developments today, followed by the entrance of our hero, Vector Risk Solutions, of course, to save YOUR day!
Flood CLAIMS
You’re no doubt aware that recent regulation changes enacted in July 2019 now allow homeowners in certain limited markets to purchase flood insurance from private insurers (not solely the National Flood Insurance Program). Advanced flood modeling techniques have aided private insurers in creating residential flood policies, and most importantly, lenders are beginning to accept these policies. From what we know about climate change and rising sea levels, the market for flood insurance isn’t going away any time soon.
Sophisticated flood models now indicate that our present understanding of flood risk is actually already insufficient. According to Matthew Eby, founder and executive director of the First Street Foundation, a group of academics and experts based in New York City, the number of US properties at risk for flood damage is far higher than existing FEMA estimates. First Street’s evidence, reported in the June 29, 2020 issue of the New York Times, shows that 14.6 million properties are at risk of experiencing a 100-year flood, nearly double the 8.7 million estimated by FEMA. The increase is linked to better data on inland flood risk, including increased rainfall due to climate change. Analysis for Gulf Coast and Mississippi River properties, however, showed a slight decline, according to First Street, since FEMA has historically focused so much flood analysis on those regions those numbers are relatively higher.
Flood Claims Adjusters
With private flood insurance now in the picture and new analysis of inland flood risk putting property owners on notice that they may need protection against devastating flood damage, insurers will have more claims to process than ever. Vector Risk Solutions to the rescue! We have over 400 hundred independent adjusters on our roster, all highly skilled and licensed in states which require licenses. Many of our adjusters have multiple licenses. All our independent adjusters meet the high standard of our three core values: integrity, ingenuity, and excellence.
Vector can not only provide dedicated and experienced adjusters to handle claims. We also consult with insurer clients to evaluate their claims processing and maximize productivity through streamlined, improved procedures. With our inclusive training and implementation process, Vector creates consensus and thorough understanding of new processes. Our clients consistently report significantly lower adjustment expenses and greater success in meeting and exceeding performance goals after working with Vector Risk Solutions.
If you’re already issuing, or are considering, new residential flood policies, Vector is your go-to for quick, expert flood claims adjusting. And for whatever other adjusting challenges 2020 throws your way, Vector Risk Solutions are experts in the fields of catastrophe adjusting, commercial agribusiness, commercial claims, liability, TPA & consulting, and appraisal services. Let us show you what we can do!