Misinformation & Flood Insurance

Misinformation & Flood Insurance

Updated: Aug 5, 2018


Hi, I'm Emerson Willis. As a flood insurance expert, I thought it'd be interesting to quote the property referenced below on the Facebook page of Stop Fema Now. The article claims that the premium for this particular property would be $6,000 a year for flood insurance.


As expected, I found an approved lower-cost flood insurance option for only $1,683/yr. I shared this info with the group as a comment on the post. A few likes and positive comments followed shortly after. Then we had a few flood insurance quote requests come through from people who saw the information. That all happened in 10min. The comment was deleted 15min after I posted it and I was banned from the group. This is fine, but it is disheartening to see the truth hidden from people in desperate need.


George Kasimos STOP FEMA

As expected, I found an approved lower-cost flood insurance option for only $1,683/yr. I shared this info with the group as a comment on the post. A few likes and positive comments followed shortly after. Then we had a few flood insurance quote requests come through from people who saw the information. That all happened in 10min. The comment was deleted 15min after I posted it and I was banned from the group. This is fine, but it is disheartening to see the truth hidden from people in desperate need.


THIS HAS TO STOP



I am making it a public announcement today, that I will commit every resource we have available through Yep Insurance and with partnering companies to reach our fellow American homeowners and business owners who are victims of these excessive flood insurance costs. It's a broken system costing US consumers and businesses more than $3 Billion in excessive flood insurance premiums every year. I've seen people lose their house because of their flood insurance cost alone. I've seen businesses close.




On the other hand, we've also been able to help people save their homes and businesses. The difference in cost between private and government flood insurance for a commercial account can be 6 figure differences. In the last 6 months, we have saved consumers more than $100K in excessive flood insurance premiums. As you can see with the example on this residential property the difference was $3,700 a year! Imagine if you were the insurance agent quoting your client $6K on this flood policy? What happens is your client goes shopping and finds an agent through another company offering lower-cost alternatives and you end up losing the entire account. How about a Realtor attempting to help seller or buyer with this house. Or a lender trying to get a loan approved? Can you close a loan where a $6K flood policy is required? Can you sell a $200k home when the buyer is also going to have to buy a $6K flood policy?



THE TIME IS NOW



The time to make a difference is NOW. You can spread the word and get involved. Insurance agency principles and agents, we have resources to educate you and your teams about the private flood insurance market and assist you in making sure your clients are not overpaying. If you are a mortgage broker or realtor, it is important that you have access to these resources for your clients. Having access to our resources can make the difference on whether a closing goes through or not. 



I do not believe FEMA needs to be stopped. I do believe the flood insurance system needs to be fixed. Yes, people who have experienced catastrophic losses like what happened in Hurricane Sandy need an advocate. But consumers also need to know they have options instead of being told the only choice for flood insurance is through the NFIP. The entrance of more and more private flood market participation will make a huge contribution in the process of the flood insurance overhaul. If you would like to know more, please do not hesitate to reach out to me personally. You can also get in touch with me through www.yepinsurance.com


Together, We Can Make A Difference




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