[{"_1":2,"_111":-5,"_112":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":44,"_46":47,"_48":49,"_50":51,"_52":53,"_54":55,"_56":57,"_58":59,"_60":61,"_62":63,"_64":65,"_66":67,"_68":69,"_70":71,"_72":73,"_74":73},"mediaId",6361717,"mediaKeyId","2170309-bab4d60176c37b10483d12b230498727","parentId",2170309,"title","Experts pitch parametric insurance, freeboard and community-based approaches as complements to traditional flood policies","audioSeconds",0,"startMs",5416000,"endMs","viewUrl","/Search/View?dp=1&key=2170309-bab4d60176c37b10483d12b230498727&start=5416&end=5416","thumbnailUrl","https://assets.pipeline.soar.com/2170309-bab4d60176c37b10483d12b230498727/thumbnail_5416000.jpg","articleUrl","/articles/6361717/Connecticut/Experts-pitch-parametric-insurance-freeboard-and-community-based-approaches-as-complements-to-traditional-flood-policies","mediaUrl","https://secure.pipeline.soar.com/6361717-e956dcf8faa29d7e1aba300ee53a289a/orig.mp4?Expires=1770948720&Signature=cU0qHfIFrRXQAYlIp-vOOsHNm20GwS2u8i4MBw9dT7c~nfGF4ItfumxSF2DwXvmAirDpfvOhVWaJrScaxd0745Yeu5~ychCE5KTvMUPXofuVBZawBkJWQaBNxHWXxn6oqHHGOqPOcC3WLNGM9AooGTQj0HdNm9QdCr3MfjU8T-zReKoX1ZY-cxSn6qvUypCg4Ar51OCaqVccSo6ZfIk0bxU9pGX-zf9Q2VRLgR3hLkc6Y1209CyKIEV9edicICuEXg-Go5iMGNBf0fdvczuvsNnYFQ0UwPbwbww~LYnl~VZz36z9f5ytQjjnycq3cbq6C7Ny5swdz7-j7ktWbxETMA__&Key-Pair-Id=KUT5TJCACFTXG","author","CGA - Insurance and Real Estate Committee","date","2025-01-30T00:00:00Z","article","At the Jan. 30 Insurance and Real Estate Committee informational forum, experts described parametric insurance and community-based approaches that can deliver faster, more-flexible payments after flood events and can be layered with traditional insurance.

\"Before I get into the parametric insurance, I wanted to comment on something that I've heard from several speakers before, and that is, how do you incentivize people to purchase coverage?\" said Alex Korp, a parametric-insurance specialist. Korp described parametric products that pay when an external trigger is met (for example, rainfall thresholds recorded at a weather station, river-gauge levels, flood sensors, or satellite-detected inundation) and touted their speed and predictability: \"you get paid a pre agreed amount. No questions asked.\"

Korp and other speakers suggested parametric structures can address liquidity needs and non-damage losses by providing immediate funds to households, businesses or community intermediaries after a triggering event. He cited community-based catastrophe insurance models where a city or nonprofit buys a parametric policy covering multiple zip codes and distributes proceeds to affected households — an approach the panel said New York City recently used.

State and industry participants also discussed mitigation and building standards. DEEP and insurance regulators highlighted mitigation tools such as freeboard (adding an additional foot above a FEMA base flood elevation) and fortified building standards developed by the Institute for Business and Home Safety. \"Freeboard adds an additional foot onto the base flood elevation,\" said Butch Kurnerney. Connecticut officials and industry representatives said mitigation grants and building-code improvements can lower long-term risk and premium pressure.

Ending: Panelists recommended legislative and program options for 2025: improve disclosure to buyers about prior flooding, expand consumer outreach, consider community-based parametric pilots and boost state support for mitigation grants and CRS participation.","mediaType","Video","parentTitle","Insurance & Real Estate Committee Info Forum: What Property Owners Need to Know About Flood Insurance 2025-01-30","oneSentenceSummary","At a Jan. 30 forum, parametric insurance specialists and state officials urged Connecticut lawmakers to consider new approaches — including parametric triggers, freeboard requirements and community-based catastrophe insurance — to speed payments and increase community resilience.","taxTitle","2025 Legislature CT, Connecticut","taxId",77677,"location","Connecticut","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_46":81,"_48":82,"_50":83,"_52":84,"_54":55,"_56":57,"_58":85,"_60":61,"_62":63,"_64":86,"_66":67,"_68":69,"_70":71,"_72":73,"_74":73},6361722,"Industry panel: private flood market supplements NFIP; agents play key role in outreach and sales",1208,2746000,3954000,"/Search/View?dp=1&key=2170309-bab4d60176c37b10483d12b230498727&start=2746&end=3954","https://assets.pipeline.soar.com/2170309-bab4d60176c37b10483d12b230498727/thumbnail_2746000.jpg","/articles/6361722/Connecticut/Industry-panel-private-flood-market-supplements-NFIP-agents-play-key-role-in-outreach-and-sales","https://secure.pipeline.soar.com/6361722-afd82031bb1cc9b4d7303f8a70a7de3f/orig.mp4?Expires=1770948721&Signature=Dz6jDuRmQyOu0NBK4nYyfJEqpSsMnirez4yU~hZWa7DQcX57CawRFNhjDrQ2kZPhI9PRgUDqkC6Bd42ThG9b1eJffaGvVIMXKoEKxEc9ZAx3Rv-rJUiIbAgVCk~Me19tLvSHngWQEKmgS1M0PsBFeNxlIYDDqxlGsU-RUax3okr9L08Ba2g9S6vuNapmNb5dpdHYRcJ~IkajPkebaVYlp3gpY2TYZOPI6dJW3IR7xYTL43jvMq0vPR5j4FJCgixgthR4eV8gphan--TpQb0SUKDa2Uc74ZFzohHnXDLSvrEZA7FpguaCMyyXMp~Bw-8Pi9y8XCmp~7VLWf8wnKOiTA__&Key-Pair-Id=KUT5TJCACFTXG","Industry speakers and independent agents told the Insurance and Real Estate Committee that the private flood market has expanded in Connecticut and nationally but that many property owners still do not buy coverage.

\"Despite my title, I've been involved with flood insurance for about 4 decades at this point,\" said Don Griffin, reflecting on the private sector's role in selling and administering flood coverage. Griffin described the private sector's participation in the NFIP \"write your own\" program and said private companies also write excess flood coverage above NFIP limits.

Kim Bacchio of The Hartford described how private carriers participate in the NFIP write‑your‑own arrangement and also sell private flood products. She said private carriers have no Treasury exposure for NFIP claims (funds are federal) and that carriers differentiate on service, technology and claims handling. Bacchio noted private options can sometimes include basement coverage and higher limits for coastal or high-value properties.

Independent agents stressed their local advising role. Travis Waddie of the Independent Insurance Agents and Brokers of Connecticut (Big I) and Jason Guerrera of USI Insurance Services said agents sit down with clients to \"tally your total cost of risk\" and decide whether to buy NFIP, private or layered coverage. Agents said average NFIP costs for a $250,000 residential limit outside high-risk zones are commonly in the low hundreds to several hundred dollars a year; agents also noted NFIP annual rate adjustments have statutory constraints (panelists cited an 18% annual cap in many cases) but that Risk Rating 2.0 and actuarial changes can shift premiums over a multi-year \"glide path.\" (Jason Guerrera; Diane Iffkovic).

Speakers agreed availability is not the principal problem; consumer purchase decisions and affordability are. Several agents recommended routine disclosure or a required agent‑customer acknowledgement about flood insurance, while cautioning that mandatory forms can carry unintended consequences for small local businesses and agents.

Ending: Panelists recommended more agent-driven outreach, insurer notices on policy renewals, wider use of elevation certificates for underwriting and public education to increase uptake of available coverage options.","Industry representatives told the Jan. 30 forum that a growing private flood market complements the NFIP, offers higher limits and sometimes different coverage (for example, basements), but consumer uptake remains low and agents are central to education and sales.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_46":93,"_48":94,"_50":95,"_52":96,"_54":55,"_56":57,"_58":97,"_60":61,"_62":63,"_64":98,"_66":67,"_68":69,"_70":71,"_72":73,"_74":73},6361728,"DEEP: Every Connecticut community participates in NFIP; roughly 32,000 policies cover roughly $8 billion in assets",437,2338000,2775000,"/Search/View?dp=1&key=2170309-bab4d60176c37b10483d12b230498727&start=2338&end=2775","https://assets.pipeline.soar.com/2170309-bab4d60176c37b10483d12b230498727/thumbnail_2338000.jpg","/articles/6361728/Connecticut/DEEP-Every-Connecticut-community-participates-in-NFIP-roughly-32000-policies-cover-roughly-8-billion-in-assets","https://secure.pipeline.soar.com/6361728-60fd14956b42b8d9de861e269bd799bf/orig.mp4?Expires=1770948721&Signature=OQAG6Mzwi5fyTSkE7pHJwAYKjYxL1RibsoWrl6eDHIMAnMRjd2vl92eefKdLfpJyijghqRd4MS774hArpQcav660i8UMRZ7n9zw4XPStYNzNXn6o2Jt7yd1P1ZOV2Bd7iGpwFH5pysOtiPJevOi6wONacAi-L23SQG4Fh4xC1DgB9LLgK~8p7BezcwftDmAMXOOOFlXWico2Dkcl1eTcHUx01w9NhwN~NskIGEAzL7nnAZPe~2dvBX0pH8EN1M3-9JJM4KRFO4~Y-tPFhAHL9ZzCNIj3DYKhPYjHZdNFk1nyn-5pgBKP4348NAZYhlOf2HjD5I2AJEqiwRkNFcZ8cw__&Key-Pair-Id=KUT5TJCACFTXG","State officials told the Insurance and Real Estate Committee that Connecticut has full participation in the National Flood Insurance Program and that the DEEP is the state coordinating agency for NFIP administration.

\"Connecticut is actually 1 of the few states in the nation with 100% participation in the NFIP,\" said Diane Iffkovic, NFIP coordinator for the Connecticut Department of Energy and Environmental Protection (DEEP). Iffkovic said FEMA has produced flood maps for every Connecticut community and that local governments adopt and enforce floodplain regulations through zoning and permitting processes.

DEEP staff described the agency's role as a liaison to FEMA, providing technical permitting assistance, audits, regulation reviews, training and support for the Community Rating System (CRS), a voluntary program that grants flood-insurance premium discounts to communities that go beyond NFIP minimums. \"Connecticut currently has 14 CRS communities,\" Iffkovic said.

State figures cited at the forum: roughly 32,000 NFIP policies in force in Connecticut covering about $8 billion in assets, with annual NFIP premiums reported in the $43 million range and roughly 29,000 paid losses since 1978 (DEEP figures presented at the hearing).

Iffkovic and other speakers said the property-line flood-map designation is not a guarantee of safety; storms can overwhelm mapped floodplains. She repeated the panel's central consumer guidance: property owners inside mapped high-risk zones may be required by their lender to maintain flood insurance, and anyone can purchase NFIP coverage whether their property is inside or outside the mapped zone. Iffkovic noted the usual NFIP limits and the standard 30-day waiting period for new policies except when coverage is required at mortgage closing.

Ending: DEEP encouraged property owners to check flood maps, consult local permitting officials and talk with agents about flood coverage, mitigation grants and disaster assistance.","Connecticut Department of Energy and Environmental Protection told the Jan. 30 forum that all Connecticut municipalities participate in the NFIP and that state DEEP acts as the NFIP coordinating agency, supports Community Rating System communities and provides direct help to property owners.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_46":105,"_48":106,"_50":107,"_52":108,"_54":55,"_56":57,"_58":109,"_60":61,"_62":63,"_64":110,"_66":67,"_68":69,"_70":71,"_72":73,"_74":73},6361732,"FEMA NFIP leaders tell Connecticut forum: \"Where it rains, it can flood\" and most homeowners' policies exclude flood damage",847,1512000,2359000,"/Search/View?dp=1&key=2170309-bab4d60176c37b10483d12b230498727&start=1512&end=2359","https://assets.pipeline.soar.com/2170309-bab4d60176c37b10483d12b230498727/thumbnail_1512000.jpg","/articles/6361732/Connecticut/FEMA-NFIP-leaders-tell-Connecticut-forum-Where-it-rains-it-can-flood-and-most-homeowners-policies-exclude-flood-damage","https://secure.pipeline.soar.com/6361732-95569fece529d13c6ef84b537dafc0b9/orig.mp4?Expires=1770948721&Signature=RNJFJ0~L0q7qQ2UkPX9BXlKFmGWXAXeDnoThi6xFqIqw9ZF1A~8YHwjWgLDsvsVtapEGaLTDNIiUfHr1v3pS~0PuiXA~iUlvU250PQw9J4hejHEGby7pOoe~xw6VA~PfC8Lb-Cr0PHfFzCpuZFqqcTP~cn7qO6nMMaWRqpDDivTqSWrFhVo124ibIcn0WqmdwpN2OClUM8dxauZkplONg-~9pQGCIduF9H22WpPX7kCFNNCLNID8soT2c6coQzLYVvJg2DRL0FBitZncyS1ufZoddFYrd418lcMxAYsvu2N3Oj6mu0ORhOPZqCTcR9RlhYZbJyhNOOMzno9obtgedQ__&Key-Pair-Id=KUT5TJCACFTXG","Representatives of the National Flood Insurance Program and private insurers briefed the Connecticut Insurance and Real Estate Committee on Jan. 30 about how flood insurance works and why homeowners and renters should consider buying it.

The National Flood Insurance Program, created by Congress in 1968, was described as a federal public–private effort to identify risk, enforce floodplain management, mitigate flood losses and provide insurance to property owners. \"My name is Butch Kurnerney. I am the chief of partnerships and outreach at the NFIP,\" said Butch Kurnerney, introducing FEMA's national overview. Kurnerney and other panelists repeatedly summarized a central message: \"where it rains, it can flood.\" (Eric George; Butch Kurnerney).

Panelists emphasized that most standard homeowners and renters policies exclude flood perils and that flood coverage must be purchased separately. Kurnerney noted that just one inch of water can cause roughly $25,000 of damage to a home and that flood events account for the majority of costly natural disasters nationally. He also described the NFIP's four-part mission: identify flood risk, enforce floodplain management, invest in mitigation, and provide insurance.

The panel outlined basic NFIP benefits and limits: residential building coverage up to $250,000 and contents coverage up to $100,000 (higher limits for commercial policies), a typical 30-day waiting period before a new policy takes effect, and that NFIP payments are insurance claims rather than loans. Kurnerney said claims payments are handled through private participating companies in the NFIP \"write your own\" program or through FEMA's direct program.

Speakers also contrasted flood insurance with federal disaster assistance: disaster grants require a presidential declaration and have strict eligibility rules and much lower maximums for home repairs (the panel cited $41,000 as a typical cap for disaster grants), while NFIP policyholders can file claims regardless of a federal declaration.

The national briefing closed with outreach guidance and references to consumer resources (floodsmart.gov) and insurer agent networks that sell NFIP policies.

Ending: Panelists urged Connecticut property owners, renters and business owners to discuss flood coverage with their agents and to consider mitigation steps to reduce risk.","Federal and industry speakers told a Jan. 30 Insurance & Real Estate Committee forum that flood risk is widespread, the National Flood Insurance Program remains central to recovery, and most homeowners and renters policies do not cover flood damage.","actionData","errors"]

Article not found

Experts pitch parametric insurance, freeboard and community-based approaches as complements to traditional flood policies

Industry panel: private flood market supplements NFIP; agents play key role in outreach and sales

DEEP: Every Connecticut community participates in NFIP; roughly 32,000 policies cover roughly $8 billion in assets

FEMA NFIP leaders tell Connecticut forum: "Where it rains, it can flood" and most homeowners' policies exclude flood damage