Businesses to test flood insurance innovations Businesses to test flood insurance innovations

Five small businesses won a competition to create new ways to reduce flood-related insurance premiums and payouts by 50%.

RISE, a Norfolk-based nonprofit focused on seeking solutions to the problems coastal communities face with sea level rise and recurrent flooding, announced the winners of its $1.5 million Flood Insurance of the Future Challenge.

The companies are: National Flood Experts, Plover Parametric, reThought Insurance, Ric and True Flood Risk.

Each of the businesses will receive up to $300,000 in funding to test its innovations in Hampton Roads and advance to market by the end of the year.

The winners will have access to resources in the RISE Innovation Hub and Testbed, including a customized business accelerator through 757 Collab, coworking office and fabrication space, real-world test sites, regulatory assistance and introductions to potential investors.

RISE Executive Director Paul Robinson said in a news release that while flood insurance is a critical tool for building economically and environmentally resilient communities, the majority of homeowners, renters and businesses are uninsured or underinsured.

"These winning ideas represent innovative ways to maintain financial security and stability, and improve access and affordability," he said.

The latest projects will join the only ecosystem of coastal resilience entrepreneurs in the U.S. stemming from more than 30 RISE-funded pilots from seven previous challenges.

Previous winners include sensors that collect essential stormwater system capacity data, applications to reroute drivers in real time using Waze to circumvent flooded roads and the nation's first home raising academy.