Many Affected by Lack of Flood Coverage!
Please find link attached which is an article from the Wall Street Journal reporting the devastation of hurricane Sandy and the driver of losses is caused by the Peril of Flood. Many of those impacted by damage did not purchase a flood insurance policy.
Over 30% of Flood Losses occur in non designated flood zones and flood is a separate insurance policy that must be purchased and renewed every year.
Be prepared – buy flood insurance!
When I am in a meeting and people ask what is the best risk management advice I can provide to a business or individual I tell them the following three things:
1. The best risk management plan for natural disasters is to make sure that you have purchased FIRE, WIND & FLOOD INSURANCE prior to a storm
2. Take pictures and or video of your insured property inside and out
3. Heed evacuation warnings