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Be "flood smart"

Flood_3 Well, we’re finally seeing some of the snow melt away - and I for one am happy to see it go!

But with the melting away of winter and the soon-to-follow spring rains, I’m reminded of the potential for flooding that can occur. 

Ever wondered what your “flood risk” is?  There’s a great way to find out!  Just log onto floodsmart.gov - enter your business address and you’ll get the information.

Some fast facts, courtesy of Floodsmart.gov:

  • Floods and flash floods happen in all 50 states
  • Hurricanes, winter storms and snow melt are common (but often overlooked) causes of flooding
  • Just an inch of water can cause costly damage to your property

And, to add to the dilemma, flood loss is excluded under nearly all commercial property forms. So what’s the solution?

Sometimes flood can be added to your business insurance policy by endorsement.  But since many insurers are unwilling to provide flood insurance, the National Flood Insurance Program is often the best source of flood insurance available to a business owner. 

Flood loss can be catastrophic - yet the cost of flood insurance when compared to the damage it can wreak is fairly inexpensive.  A good rule to use when deciding on the purchase of insurance – why risk a lot for a little?   

An interesting statistic to consider when weighing the odds – the average paid claim for the last 10 years (1997 to 2006) was $46,168.  Compare that to a $100,000 flood insurance premium, which is about $500 a year. 

What makes good sense to you?


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