NationWide Flood Research, Inc. Launches TruRisk, the Industry's First Map-Based Risk Assessment Tool; Maps Empower Owners of Property Near Flood Zones.Business Editors DALLAS--(BUSINESS WIRE)--May 20, 2002 For the first time, real estate owners will have access to information that helps them more accurately assess the likelihood of their properties being flooded, thanks to NationWide Flood Research, Inc. The company today announced the launch of TruRisk(SM), a proprietary mapping and risk assessment application that shows where properties lie in relation to special flood hazard areas. Beginning June 1st, NationWide Flood Research's clients will have the option to receive TruRisk maps in either English or Spanish, initially at no cost, with their flood zone determinations. Owners and potential buyers of property in special flood hazard areas must often purchase flood insurance Flood insurance denotes the specific insurance coverage against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands and floodplains that are susceptible to flooding. to obtain a real estate loan. Traditionally, the only information provided to property owners has been a Federal Emergency Management Agency The Federal Emergency Management Agency (FEMA) is the federal agency responsible for coordinating emergency planning, preparedness, risk reduction, response, and recovery. The agency works closely with state and local governments by funding emergency programs and providing technical (FEMA FEMA, n.pr See Federal Emergency Management Agency. ) Standard Flood Hazard Determination and a Notice to the Borrower of Property stating whether a building is in a special flood hazard area and whether flood insurance is required. Property owners wanting more specific information had to obtain maps from the FEMA Map Service Center, but FEMA maps do not provide distances to the nearest flood zone, making it difficult for property owners to assess their risk. "TruRisk allows property owners to more accurately evaluate their need for flood insurance," said Matthew C. Cole, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of NationWide Flood Research, Inc. "Many residential and commercial property owners are unaware that flood insurance can cost as little as $9 per month or that the likelihood of a property being flooded is equal to or greater than their car being stolen or property burglarized." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Federal Emergency Management Agency, about 25 percent of all flood insurance claims are for properties located outside of identified high risk areas. TruRisk helps property owners whose real estate is in close proximity to a special flood hazard area to self-assess their risk and evaluate their need for flood insurance. About NationWide Flood Research, Inc. NationWide Flood Research, Inc. (NFRI NFRI National Food Research Institute (Japan) NFRI Nationwide Flood Research Incorporated (Largo, Florida) ), a premier provider of flood zone determinations, was founded in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , in 1995. NFRI provides standard and life-of-loan flood zone determinations, census tract A census tract, census area, or census district is a particular community defined for the purpose of taking a census. Usually these coincide with the limits of cities, towns or other administrative areas and several tracts commonly exist within a county. data, and risk assessment information for all 50 states and U.S. territories. Lenders, insurance companies and real estate owners across the country rely on NFRI for flood zone risk assessment. For more information, call 888/321-0400 or visit www.nfri.com. |
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