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Contents Coverage a Big Potential MarketProposition: NFIP policyholders can purchase coverage for flood damage not just to their buildings but also to building contents. That's not news to NFIP agents, but, according to the RAND Corporation, it might be news to large numbers of NFIP policyholders in some regions of the United States.RAND's 2006 study of NFIP market penetration included an analysis of both types of NFIP flood insurance coverage-"Building" and "Building and Contents." According to the RAND report, 75 percent of homes located in the southern United States have building and contents coverage. However, outside the South, the share of homes with both coverages drops to a low of 49 percent in the Northeast and 16 percent in the Midwest. Lesson learned: Be sure to offer both coverages to all property owners! |
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Last updated on March 1, 2007
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