RISE, a Virginia-based non-profit organization, has launched the Flood Insurance of the Future Challenge, an innovation competition aiming to reduce flood insurance premiums and payouts by half. The organization will award up to $1.5 million to businesses offering effective solutions, with individual winners receiving up to $300,000 and teams proposing integrated solutions receiving up to $750,000. The initiative, backed by the U.S. Department of Housing and Urban Development and Virginia’s Department of Housing and Community Development, seeks to build economically and environmentally resilient communities by increasing coverage and decreasing the cost of flood insurance. The Flood Insurance of the Future Challenge is open for submissions until November 30.
Introduction
Up to $1.5 million will be awarded to businesses with solutions that reduce flood insurance premiums and payouts by 50%
NORFOLK, VA – October 5, 2022: RISE, a Virginia-based, non-profit organization providing one-stop-shop resources to coastal resilience entrepreneurs, announced the launch of its Flood Insurance of the Future Challenge. The innovation competition will award up to $1.5 million to businesses with solutions that reduce flood insurance premiums and payouts by 50%.
Prizes and Support
Individual Challenge winners will receive up to $300,000 in funding and support, while teams of companies submitting integrated solutions will receive up to $750,000. All winners gain access to resources from the RISE Resilience Innovation Hub & Testbed, a tailored business accelerator through 757 Accelerate, co-working office and testing space, and introductions to regional stakeholders to help shape and iterate upon their idea, among other benefits.
Importance of Flood Insurance
“As we’ve seen in catastrophic storms such as Hurricane Ian – where only 18.5% of properties in Florida counties told to evacuate have NFIP flood insurance, and 9.4% of homes outside the floodplain have private flood insurance – the majority of homeowners, renters and businesses don’t have flood insurance, or don’t have enough of it,” said RISE Executive Director, Paul Robinson. “Sourcing cutting-edge tools to increase coverage and decrease costs of flood insurance will build economically and environmentally resilient communities.”
Community Engagement
“The City of Norfolk has established itself as the national living laboratory for coastal resilience innovation, and is thrilled to engage with RISE on their Flood Insurance of the Future Challenge,” said Matt Simons, Norfolk’s Coastal Resiliency Manager. “With help from RISE, Hampton Roads will develop new approaches that help our own region and serve as a model for others.”
Support and Collaboration
The Flood Insurance of the Future Challenge is possible with support from the U.S. Department of Housing and Urban Development and Virginia’s Department of Housing and Community Development. Winners of the Challenge will join more than 30 RISE-funded pilot projects, including sensors that collect critical stormwater system capacity data, applications to re-route drivers in real time using Waze to avoid flooded roads, and the nation’s first home raising academy.
How to Apply
Submissions for the Flood Insurance of the Future Challenge are open through November 30. To learn more and apply, please visit the RISE website.
About RISE
About RISE
RISE identifies, funds and scales solutions for coastal communities struggling with flooding and other climate-related challenges. We are a catalyst for innovation and forward-thinking economic development. Since 2018, we have deployed over $6 million to more than 35 businesses creating novel products and services.
Contact Information
Contact:
Betsy Hnath
RISE Communications Director
(757) 513-7550
betsyhnath@riseresilience.org
Question & Answer
1. What is the goal of the Flood Insurance of the Future Challenge?
The goal of the Flood Insurance of the Future Challenge is to reduce flood insurance premiums and payouts by half by awarding up to $1.5 million to businesses with effective solutions.
2. What are the prizes for the winners of the Flood Insurance of the Future Challenge?
Individual Challenge winners can receive up to $300,000, while teams proposing integrated solutions can receive up to $750,000. Additionally, all winners gain access to resources from the RISE Resilience Innovation Hub & Testbed and other benefits.
3. When is the deadline for submissions to the Flood Insurance of the Future Challenge?
The submissions for the Flood Insurance of the Future Challenge are open until November 30.
