Guaranteed Rate Insurance Adds Flood Solution

Guaranteed Rate Insurance has developed a solution for homebuyers in high-flood risk areas, the company announced in a press release.

Its new private flood insurance API connection allows agents to provide flood quotes in all zones from multiple providers, directly through its CRM platform. Agents need only confirm property details and coverages/deductibles, with the binding process taking just minutes, company leaders said.

Flood quotes will be presented alongside homeowners quotes for properties in 48 states and Washington, D.C.

“Any agent who does not provide a flood quote is doing a disservice to their customer. Our top priority is to equip our agents with the necessary tools to offer their customers a wide range of coverage options, empowering them to make informed decisions,” said Jeff Wingate, EVP and Head of Insurance for Guaranteed Rate.

“Our technology team has done a tremendous job bringing these innovative tools to the market.”

The company highlighted Florida homeowners as examples of the importance of flood insurance. The state will soon require flood insurance on a mandatory basis with certain carriers, and the devastation of flooding from hurricanes can destroy homes and lives. FEMA estimates that even one inch of water can cause $25,000 in damage. Plus, major insurance carriers are bowing out of Florida and California due to their increased risks.

Some states are at odds with FEMA over rate changes this year, fearing that increases will hurt the housing markets in struggling states like Florida.

Guaranteed Rate says private flood insurance is more competitively priced than the federal NFIP program, allowing higher limits and broader coverage. It will generate flood coverage for homes regardless of their flood zone risk level.

The company will begin advertising flood insurance to its existing customers in the coming months.

Guaranteed Rate Insurance is a national insurance brokerage, licensed in all 50 states and Puerto Rico, that offers comprehensive personal, commercial, specialty, and life insurance products. It is owned by Guaranteed Rate, a Chicago-based lending and digital financial services company with more than 850 branches across the U.S. serving all 50 states and Washington, DC.