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.