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Industry News Inks Agreement With FloodSource

February 12, 2002

Online Flood Source to Provide Flood Information for Online Real Estate Broker's Customers

HOUSTON--(BUSINESS WIRE?eRealty and FloodSource, a national online flood determination and flood information source, announced today that FloodSource will provide flood information on specific MLS listed properties displayed through eRealty's Web site.

"eRealty registered users are hungry for information that will help them make smarter, more informed decisions," said Russell Capper, president and chief executive officer of eRealty. "Having convenient, accurate flood information on a specific property is critical not only in the negotiation process, but in whether to purchase that property or not."

"FloodSource believes that homebuyers need to know more about flood risk. eRealty shares that belief and has shown great vision in making sure their clients know about a property's flood risk," said Brandon Brewer, vice president of business development for FloodSource.

Capper says that flood insurance can add hundreds of dollars to a homebuyer's mortgage and, normally, buyers aren't informed that they need it until closing. Many clients are surprised and sometimes angry because it's a cost they wish they had known beforehand. With the new flood information available for each property on the eRealty site, customers will know before closing whether or not their new home will require flood insurance.

According to FloodSource, flood insurance is important because 30-percent of flood claims are paid to homes outside of FEMA designated flood zones. Brewer adds that even though these homes are outside the flood zones, they still need flood insurance because they are so close to them. The flood maps will show eRealty's clients why they should buy the insurance.

Brewer says, "FEMA's National Flood Insurance Program sets the same insurance rates for all providers, so with this flood data in place, FloodSource will eventually be able to offer eRealty clients an actual flood insurance quote online."

Source: FloodSource

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