Rain insurance is pretty simple: you purchase a policy, and if the recorded rainfall amount at your location meets or exceeds the policy threshold, it triggers and you receive a payment.
Seems easy—and it is. But what about rain insurance pricing? How much will this cost? At Vortex Weather Insurance, that’s what it boils down to: how much will it cost to help support my event’s revenue if it rains?
You can contact us with this and any other questions you might have. We believe in transparency, and will give you clear, honest answers. Read on to learn more of the simple truth about rain insurance pricing.
The Big 4 for Pricing
When you purchase a policy as part of your event weather risk management, you’ll need to supply 4 pieces of information. Each of these affects the final cost for your policy.
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Your Event Location
Your event location is a 2.5 mi-square that includes the event, as defined by the National Oceanic and Atmospheric Administration (NOAA). This independent third party data provider is also how we determine the rainfall. Their data is recorded by the hour, so that we get the best information possible regarding rain amounts at the event location.
As part of creating a policy, we look at historical data for that location also. If the location—during your time window—is historically likely to incur rain, that will affect the rain insurance pricing.
Think of it like car insurance, in that if you drive in a city that’s known to have a higher rate of vehicular damage or loss, it will affect your insurance accordingly.
Your Time Window
Your time window consists of the hours you want covered by your policy. The length of time is totally up to you; it could be days long to just a few hours long.
Some events, like soccer tournaments and baseball events, pay close attention to rain the day or evening beforehand. Rain-soaked fields can be unplayable, so the rain on the previous day is frequently included in their rain insurance policy.
Many events, like concerts or fairs with highly attended hours, usually want the hours before and after the specific event covered too. If rain falls before outdoor concerts or fair events with large and expensive midways—the crowds will often be greatly diminished.
Your time window will be the hours we look at for rainfall amounts as reported by NOAA. Increases/decreases in that amount of time will affect rain insurance pricing.
Your Rain Threshold
How much rain is too much rain? Your expertise as the event planner or organizer comes into play, because you’ll know the “lay of the land,” and how your crowds typically react to wet weather.
We won’t leave you high and dry as you pick your rain threshold. The fact is, .10 inch of rain can affect a hard track racing event, whereas it might not diminish a rock concert crowd. It affects your rain insurance pricing in that lower thresholds are more likely to trigger a policy, and therefore may cost more.
That’s why we want to help target the right rain threshold for your event’s location and time window. Contact us and we can share our many years of experience helping hundreds of different fairs, festivals, sporting events, and more protect their bottom line against rain.
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Your Coverage Amount
With Vortex Weather Insurance rain insurance policies, you choose the amount you want to cover. This usually involves a revenue target that must be hit for your event to be successful. At minimum, it’s the revenue target that can help keep your event going next year if this year ends up a loss due to rain.
As with any insurance policy, the more you want to insure impacts the rain insurance pricing. What you may need to do is compare the cost of the insurance vs the price your organization pays if rain ruins your revenue.
Get an Estimate Today
You can try our online cost calculator for a fast idea of what it might cost to have rain insurance for your event. You don’t need to provide any other information than what’s listed above. If you have questions or aren’t sure about your numbers, contact us and we can help you figure it out.
The Vortex Weather Insurance Portal is another opportunity to get a quote. Once you’ve signed up for a free account, you can access our tools for understanding costs. If you’re ready to go, you can purchase your policy right then, right there, any day and any time.
If you need more information, we recommend spending more time on our website, where information is at your fingertips. If you’re ready to purchase, go into the portal and get what you need immediately. With just a few clicks, the Vortex Weather Insurance Portal offers quick and easy online pricing and purchasing using a credit card.
Clean, Clear, & Simple Rain Insurance Pricing
For some of the basics about weather insurance, be sure to check out our FAQs. For more in-depth information on how it works and on our weather insurance pricing, our blogs are ready to go.
If you use an insurance agent or broker, they can also use our tools to get a quote. For those individuals we can offer a 3 day guarantee on the quote. That way your insurance broker has time to assemble their proposal for your approval. Our team will be happy to help them help you!
Vortex Weather Insurance helps events like yours protect their revenue from rain nationwide. VortexIt today!