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Rate Insurance API Connection Empowers Agents to Automatically Provide Multiple Flood Quotes in All Zones

SCHAUMBURG, Ill., 11/1/2023 /PRNewswire/- Rate Insurance LLC, one of the fastest growing national insurance brokers, today released its proprietary private flood insurance API connection through its CRM platform that allows its agents to automatically provide flood quotes in all zones from multiple private flood providers. The quoting platform will present multiple flood quotes alongside homeowners quotes for properties in 48 states and Washington, DC. The process of selling takes only a click from the agent, confirmation of property details and coverages/deductibles. In turn, the binding process takes only minutes. This new platform provides Rate Insurance customers with an immediate way to receive and compare flood coverage as part of their homeowners insurance policy, directly at point of sale. 

According to FEMA, “99% of US counties have been impacted by a flooding event, and just one inch of water inside a home could cause $25,000 or more in flood damage. Severe thunderstorms account for up to 70% of all insured natural catastrophe losses in first half of 2023,” Swiss Re Institute estimates.

Jeff Wingate, EVP and Head of Insurance for Guaranteed Rate said, “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.Our technology team have done a tremendous job bringing these innovative tools to the market.”

Flood coverage is excluded from all homeowners policies. With extreme weather events causing excess rainfall amounts across the country in areas that have never been prone to flood losses, Rate Insurance developed this solution to allow all customers be given the option to purchase flood insurance, no matter their flood zone risk level. Compared to the federal NFIP program, private flood is a viable and competitively priced option that provides higher limits, much broader coverage such as replacement cost vs. actual cash value, and coverage for pools, other structures, and basement contents.

For agents, it has never been easier to provide flood insurance without the time-intensive and potentially error prone process of manual data entry across multiple carrier sites. For  customers, they will always have options to protect their properties from water and weather related catastrophe, which is especially important in markets such as Florida that will start to require flood insurance on a mandatory basis with certain carriers.

In the coming months, Rate Insurance will look to further expand the new flood offering within their digital marketplace and will be marketing flood insurance to their existing customer base.

About Rate Insurance

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. Founded in 2008, Rate Insurance is owned by Guaranteed Rate, the second-largest retail mortgage lender in the country. Rate Insurance has built a reputation on providing customers with impeccable service as demonstrated by its 98% customer satisfaction rate*. Combining a growing team of insurance agents and a robust digital platform, Rate Insurance searches for great rates from more than 100 top-rated insurance carriers, while providing a “personal shopping” experience. Visit rate.com/insurance for more information.

*98% Customer Satisfaction: Data Source is Guaranteed Rate’s Client Satisfaction Surveys (Averaged 2020-2021)