Posts Tagged "flood insurance"

Understanding the Cost of Commercial Flood Insurance

Posted by on Jul 28, 2016 in News | 0 comments

Property owners of both residential and commercial units purchased more than $3.5 billion in flood policies last year through the National Flood Insurance Program (NFIP). The reason? More lenders may be requiring flood insurance—and yours could ask for it, too. Insuring your home or commercial building against flood risk is important, but it is also important to understand its cost. One way to ensure cost-control is with an error-free elevation certificate, says Michael Allison, president of AmeriFlood Solutions, Inc. The elevation certificate is a document that indicates the elevation of the property, which determines insurance premium rates. The certificate must be free of errors and omissions—either could potentially cost thousands in needless expense, Allison says. “A signed and sealed elevation certificated does not ensure accuracy,” Allison said in a statement. “More than 50 percent of the elevation certificates reviewed by our staff have errors. Further, outdated elevation certificates may not reflect building improvements or uncover documentation errors or omissions that can cause insurance agents, brokers and carriers to rate flood policies inaccurately. That can add up to a considerable difference in the amount paid for coverage or measures implemented to mitigate flood damage.” Allison recommends reviewing the elevation certificate with an insurance broker or agent or flood risk expert—they can help you determine if you are paying too much (or too little) for flood insurance. Source: AmeriFlood Solutions,...

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A List of Post-Storm To-Dos After a Flood

Posted by on Oct 23, 2015 in News | 0 comments

If your property has been heavily damaged during severe weather, filing an insurance claim should be first on your list of post-storm to-dos. According to the Insurance Information Institute (I.I.I.), when filing a commercial, homeowners or auto insurance claim, the first step is to call your insurance professional as soon as possible to start the claims process. If the storm caused you to relocate, let your company know where you are currently residing and how best to reach you. Flood damage to either a residence or business is covered by policies provided by FEMA’s National Flood Insurance Program (NFIP), as well as a few private insurance companies. Keep in mind that standard homeowners, renters and business insurance policies do not cover flood damage. The optional comprehensive portion of an auto insurance policy covers flood-related damage. When filing your flood insurance claim: Locate the insurance company name and your policy number before calling your insurance professional. Provide a list of damaged property to help your adjuster prepare a loss estimate. This includes a written inventory along with receipts, bills and photos, if possible. Check with your adjuster before discarding flood-damaged items. If local authorities require disposal of these items for health or safety reasons, photograph them first for your records. Understand that flood claim payment checks from your insurance company are often made payable to both you and your mortgage lender. Make sure you understand what forms need to be filled out and when. Homeowners, renters and businesses who sustained flood damage but were not covered by an NFIP policy may be eligible for state and federal assistance....

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