A prepared action plan is vital for business continuity during severe storms that cause power outages and flooding. FEMA reports that 40% of businesses fail to reopen after disasters, emphasizing proactive preparation for financial recovery and operational continuity.
Regular insurance reviews are essential as our life circumstances evolve, ensuring our coverage aligns with our needs. Utilize these ten questions during your review to gauge if adjustments or discussions with your insurance professional are necessary.
Amid peak disaster season, a recent national survey unveils that numerous homeowners are underinsured, lack comprehension of their policies, and have insufficient savings to sustain their households during emergencies.
Many underestimate flooding’s potential, but heavy rainstorms or hurricanes can cause severe damage. Floods can occur not only near rivers and lakes but also in low-risk areas due to various factors, prompting discussion on the value of flood insurance for individuals.
Do you have a checklist for reviewing your insurance coverage? With hurricane season underway, it’s an opportune moment to ensure your homeowners or renters insurance is up to date. The Insurance Information Institute offers a convenient list to guarantee you’re adequately prepared for any potential storms.
For those selling or buying homes, it’s crucial to note the updates to the NFIP and revised flood insurance rates starting April 1, 2015. These changes affect property owners or buyers in flood zones or areas newly designated as Special Flood Hazard Areas due to updated flood maps.
Various insurance policies cover different types of water damage, with homeowners and renters insurance typically including protection for burst pipes, wind-driven rain, and damage from roof ice dams. While standard policies may cover top-down water sources like rainfall, additional coverage such as sewer backup riders may be necessary for certain situations.
In the event of a flood, it is critical to protect yourself, your family, and your property. To do so, there are many preventative and protective measures you can take.
Governor Deval Patrick has swiftly approved House Bill No. H-3783, known as “An Act Relative to Flood Insurance” (Chapter 177 of the Acts of 2014). This new law, effective immediately, bars creditors from mandating certain types of flood insurance for residential property purchasers or owners.
Amid Hurricane Arthur affecting the Atlantic coast, New England residents can find solace in forecasts suggesting the storm will remain offshore, potentially limiting damage to Fourth of July festivities. However, it’s crucial to remember to update insurance coverage well before an approaching hurricane, as insurance companies typically restrict changes to property coverage limits when a storm is imminent.