Unlocking Flood Insurance Insights: A Deeper Dive into Take-up Rates and Risk Management

Understanding Flood Insurance Take-up Rates

The Triple-I Resilience Accelerator's flood risk visualization tool is being enhanced with National Flood Insurance Program (NFIP) data on 'take-up rates' by U.S. county from 2010 to 2021. This addition will expand the Accelerator's visualization from covering only the current year to providing an historical perspective on how take-up rates have changed over time.

The Importance of Take-up Rates for Resilience

Insurance take-up rates represent the percentage of people eligible for a particular coverage who take advantage of it. In the case of flood insurance, they are calculated as the number of insurance policies in force in a certain geography over the total number of eligible properties for which insurance can be bought. Understanding flood insurance take-up rates is essential to assessing and improving communities' ability to rebound from damaging events.

Enhancing Flood Risk Visualization

During the first quarter of 2021, Triple-I's Resilience Accelerator's flood map will be updated with four options for users to visualize: Annual take-up rates from 2010 to 2018, 2019 take-up rates based on 2018 renewals only, County-wide and flood-zones-only take-up rates estimates for 2020, and County-wide share of dwellings in close proximity to flood zones. This enhancement aims to provide a more comprehensive understanding of flood risk and insurance take-up rates.