Premium Reduction Service Reduces NFIP Flood Insurance Premiums by $55K

Our client, a large condominium association, was looking for ways to reduce their insurance premiums. The NFIP flood insurance premium on the 48 buildings was approximately $160,000. This was 45{b73b969d192d8eafaea0090998e86317c7e4c69160e33071b50feed6bdb2d318} of the condominium association’s total insurance budget of $350,000. That is when they came to CRIO for help.

The Solution

We used our research-driven underwriting process to procure data that enabled us to re-rate the flood policies using an alternative rate structure available through the NFIP. As a result, we were able to reduce the annual NFIP premium by approximately $55,000 (34{b73b969d192d8eafaea0090998e86317c7e4c69160e33071b50feed6bdb2d318}) and reduce total insurance expenses by an additional 15{b73b969d192d8eafaea0090998e86317c7e4c69160e33071b50feed6bdb2d318}.

The Results

Our Premium Reduction Service delivered following valuable results and benefits:

  • Reduced annual NFIP flood insurance premiums by $55,000 (35{b73b969d192d8eafaea0090998e86317c7e4c69160e33071b50feed6bdb2d318}).
  • Reduced total insurance expenses by an additional 15{b73b969d192d8eafaea0090998e86317c7e4c69160e33071b50feed6bdb2d318}.

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