Private Commercial Flood Insurance

Private Commercial Flood Insurance: Preventing Devastating Loss from Flooding

How ready are you when an unexpected natural calamity arrives? It’s not only what you do, but the private commercial flood insurance you have in place that matters.

If hurricanes and typhoon arrive, how much do you prepare to prevent yourself from any devastating loss or damages that these calamities can bring? Flash floods for an instance, is an aftermath that can wreck damage not just to private proper: ties but it can literally destroy businesses especially those who are engaged with farming and other related form of businesses. Flood can destroy the land; it can wash away and damage roads, bridges and other infrastructures. The worst part, it could also risk people’s lives.

So what are the things and factors that a homeowner should consider to prevent any devastating loss before, during and after a flood?

Keep the Valuables Safe – Basically, the most important thing you should do is to keep your valuables safe and put them in higher and ideally, waterproof storage. You can also seal walls especially in your basement with some waterproofing compound to avoid seepage.

Store enough Emergency Food and Items – It is always ideal to store emergency food (canned goods, dry mixes and other staples that do not require cooking or any special preparation). Take note that you might experience unexpected power outages during or after the disaster. First Aid kit should also be accessible all the time as well as other essential emergency items like flash lights, extra batteries and radio transistor to keep you updated with what’s happening outside.

Emergency Hotlines – It is very important that you keep a list of all the emergency hot lines in your area so if ever a rescue is needed, you will always find ways to contact the right authority to save you, your family or anyone who badly needs their assistance.

Getting A Flood Insurance – While most of the tips above are precautionary measures to keep you safe before and during the disaster, this one helps you cope up with all the damages a flood did after the calamity yet this is something you should acquire ahead of time!

What is a Flood Insurance?

As what the term suggests, flood insurance is a form of insurance that protects homeowners to prevent or furthermore reduce the impact of flooding to their respective properties. Losing all the properties you have earned from hard work will be very devastating and this is where exactly flood insurance comes in. Unfortunately, homeowners insurance does not cover damages caused by flooding which requires them to buy a separate policy to cover up those flood-related losses.

How Exactly Flood Insurance Works?

In 1968, The National Flood Insurance Program was created to reduce the impact of flooding to both private and commercial properties. This enables homeowners to purchase an insurance to cover up loses from flooding which is being administered by the government. This insurance can be purchased directly from the National Flood Insurance Program or they can purchase it through Private Commercial Flood Insurance companies. All policies, however, regardless where you bought the insurance are all federally regulated.

How Does Flood Insurance Differ from FEMA?

All the policies are federally regulated so the same policy will cost the same amount regardless on where you purchased it. So how does flood insurance purchased from private commercial flood insurance companies differ from the one you can purchase from FEMA? One great advantage of Private flood insurance is the level of coverage it offers. Aside from higher limits of coverage without the need of Excess Flood insurance policy, the private flood insurance policy can even cover replacement cost on your property. In addition to that, private flood insurance policy can be availed in a lesser cost!

Regardless of where you will purchase your private commercial flood insurance policy, it is necessary to have it to prevent or alleviate any devastating loss due to flooding.

Get Private Commercial Flood Insurance facts today from WM Schwartz.

Is Private Flood Insurance Good for You?

Wondering if private flood insurance is right for your home?

If you want to get protection from a potential flood, you can get what you need. The federal government will help you out but the private sector provides private flood insurance that can also aid you now. We will talk about the differences between these two programs that can give you the protection you have been seeking for a long time today.

What is flood insurance?

This type of insurance covers the cost of damage up to $100,000 in the event that you have experienced a flood and your property is damaged. Your homeowners insurance provider will not cover flood that comes from rivers, lakes, and other bodies of water. They might cover damages coming from rains. You might also get protection for the whole home which might give you up to $250,000. The NFIP is a federally regulated program covering the damage coming from a flood.

How private flood insurance works?

Private flood insurance works like any other type of insurance out there. But you are better off reading the fine print in the policy so you can avoid problems in the future. Ask your insurance provider about private food insurance and how this compares to the program offered by the federal government. Typtap offers private flood insurance if you want to. Florida has around 3,000 owners of private flood insurance. You have also to understand that private flood insurance just covers a small portion of the market. You can also get a private flood insurance from the Private Insurance Agency if you want to

How does private flood insurance differ from FEMA?

FEMA is the agency that has to manage the NFIP for America. They are like a subsidy to people who otherwise cannot afford to pay for a private flood insurance. They are very important players in the insurance industry helping people with weak financial statements. Private flood insurance might be good for you if you need to get coverage for other areas of your property. Private flood insurance is also awesome if you need to protect your business income. But the NFIP might also offer more coverage than its private counterpart in some aspects. So you might also get protection for the structure of a building.
What does flood insurance cover?

You will get coverage for the essential systems of your home. This includes electrical and plumbing systems. Appliances will also get coverage. Your air conditioner will also get the coverage you need. Carpeting and anything related to the windows should be included in these policies. You will also get coverage for your paneling. Your foundation walls will be protected too. Your cabinets will also get the protection they deserve. You will also get protection for your personal property along with a percentage of your garage these days as well

We have covered a lot of ground here including an extensive definition of what a flood insurance is. You have now more information on public and private flood insurance coverage to understand the differences between these two types of policies that will allow you to solve your problems. Find out more by getting a quote today from WM Schwartz.

Private Flood Insurance with WM Schwartz Has You Covered!

Private Sector Flood Insurance

What you need to know about Private Sector Flood Insurance

The availability of private sector flood insurance policies is exponentially increasing in many states, mainly because homeowners’ insurance provides no compensation for damage caused by floods.

Most of the residential flood policies can be purchased through the NFIP (National Flood Insurance Program), which is administered by the FEMA (Federal Emergency-Management Agency).

Eligibility requirements

Generally, properties eligible for private flood insurance are residential structures comprising of one to four units, non-residential structures as well as other residential structures.

The coverage is unavailable for properties in CBRA areas, condominium units, non participating FEMA- communities and mobile homes as well.

Difference between private sector flood insurance and FEMA/ NFIP policy

Private sector flood insurance policy consists of the same cover as FEMA policy. The underwriters agree that under no circumstances would a loss be turned down under the former that would have otherwise been settled under FEMA/ NFIP Standard-Flood-Insurance-Policy Dwelling form. As a matter of fact, the two aforementioned policies usually make use of similar claims adjusters.

When should I apply?

Ideally, you should only apply for a private sector flood insurance policy when you have the will and capacity to purchase it.

A quote calculator that can give you accurate indications of the amount of premiums you’ll be required to pay is available on our website.

Is excess flood insurance available?

An excess private sector flood insurance policy allows you, the policyholder, to cover the value of a building when it’s in excess of the maximum-available limits of the policy.

Is it possible to revert to a national/ federal flood policy after purchasing a private flood insurance cover?

Yes. However, if the property had substantially low grandfathered rates under national flood coverage regulations, switching to a private flood insurance policy may result in loss of protection. When you eventually return to a private policy, you’ll be forced to pay higher premiums.

How can I establish the financial stability of a flood insurer?

We are favorably rated by Fitch, A.M as well as other companies that are responsible for rating the stability of insurance firms. This is sufficient proof of our stability and credibility.

Additionally, all the policies we sell are covered by guaranty funds of the states/ countries that we operate in.

Is there a waiting period for private sector flood insurance?

Yes, there is a waiting period. The average waiting period of federal policies is 30 days. However, in the case of private sector flood insurance, the waiting period is comparatively shorter.

In most insurance companies, flood insurance policies purchased as part of loan closings do not have any waiting period.

In some cases, insurance policies can mature within 48 hours. However, insurers can use their discretion to delay policies under particular circumstances-for instance-if a fierce hurricane is approaching land.

Advantages of private sector flood insurance at a glance

  1. Limits of coverage are generally higher than the limits provided by National Flood Insurance Programs in most of the countries across the world.
  2. Lower rates.
  1. Replacement cost loss compensation on every building loss.
  2. Little or absolutely no HIFAA surcharges.
  3. Replacement cost loss compensation on personal property.
  4. Elevation certificate not mandatory.
  5. Significant coverage in basements.
  6. The list of property not covered is usually shorter than National Flood Insurance Programs.
  7. Ordinance as well as law coverage.
  8. Favorable/ minimal deductibles.
  9. Enhanced coverage of other structures.
  10. Business income coverage is sometimes available for commercial policies.
  11. Coverage for detached garages and other structures as well.

Discover the Advantage of Private Sector Flood Insurance Today

Find out more by getting a quote for private sector flood insurance from WM Schwartz. You can call any of our offices. You can also visit our website.

Youth Sports Insurance

Stay Protected with Youth Sports Insurance

youth sports insuranceSports liability insurance isn’t a topic that comes up for discussion very often, but for those in the sports industry, it’s an issue that does come up from time to time. Professional sports teams have all kinds of insurance from health insurance for the players to liability insurance for the stadiums. However, any sports team, from the most professional to the most amateur needs to make sure that that youth sports insurance is a topic that gets discussed as the result of not having liability insurance can be an unmitigated disaster of epic proportions.

WM Schwartz is specializes in Youth Sports Insurance and provides policies to companies and individuals that work within the sporting industry as well as those taking part in sporting activities. Because they have many years experience of creating tailor made packages in Youth Sports Insurance, WM Schwartz  should be your first point of contact.

But why do you even need youth sports insurance? The answer to that is to protect you against any losses that you may sustain. Public and liability insurance is necessary for health and fitness clubs, and liability insurance is a definite must for those who are self-employed sports coaches or fitness professionals, such as personal trainers. This would mean, in the event of an injury sustained by someone under your tutelage, you would be protected against any possible claim against you.

Youth Sports Insurance is now available not only for businesses involved in sport and recreation but also for anyone else who partakes in sports, such as clubs, instructors, teams and individuals and staff at WM Schwartz  have the experience and knowledge to be able to guide you in the right direction as to what insurance protection you need and provide you with an appropriate policy.

Youth Sports Insurance covers anyone from teams and instructors to individuals and clubs as well as any business involved in sport and recreation. Insurance is necessary as it will help protect against any potential losses, such as third party personal injury, damage to the property or even any property losses sustained by those using the club or by any member of a team.

Public liability insurance is essential if you own, work in or attend the bigger sporting facilities, such as gymnasiums, sports centers and health and fitness clubs, which is especially popular with workers to visit during their lunch hour. This means that you would be protected from any potential injury, as well as being covered for any damage that may be sustained to the property or any losses to assets that anyone visiting the center or club may discover.

Liability insurance for self-employed workers within the sporting industry will also protect against third party injury and losses. There are even policies available that can help protect an individual or organization against the threat of bankruptcy – an absolute must in these uncertain economic times.

The same goes for any buildings whether bought, hired or rented about undertaking a sport inside. WM Schwartz  provides insurance policies for these too and protects against third party personal injury, any damage to the property and any property losses sustained by those who use the club.

So whether you own or run a big organization, or you are part of a small football team that trains on a Sunday morning with access to the community center, it is imperative that you are protected and protected well. Give WM Schwartz  a call today and get insured straight away with the right Youth Sports Insurance policy for your organization.

Be A Good Sport and Get the Youth Sports Insurance Coverage You Need at WM Schwartz