The NCAA Basketball Tournament known as March Madness, the crown jewel of golf just around the corner with the Masters, and the Boys of Summer “dusting off their bats’’ to start Spring Training as Major League Baseball is about to begin.
Springtime is a favorite time of year. But, it can also be perilous. Melting snows and early rains can cause serious flooding. Recently, we’ve seen horrific events in California and numerous severe storms in the Northeast and Midwest.
Mother Nature can be unpredictable, and the resulting force is often financially devastating and even deadly.
As insureds, we are so very diligent in protecting our property against Fire and Wind. But, what about that “once in a 100 years” Flood that sweeps through our area. Why don’t we put the same emphasis on Flood Insurance?
One reason is that mortgagees require that we cover our homes and businesses for full value for Fire and Wind…but, they let us “slide” on Flood coverage. Often requesting only whatever NFIP will provide. And, if we are not in an ‘A’ Zone, the requirement for Flood coverage is usually nil.
As well, most of us have never experienced a flood. But, then, most of us have never experienced a fire, either.
Flood Insurance can be a bit expensive in “high hazard” zones, but funding an uninsured loss can be much more costly.
Last spring, a friend of mine in Louisiana sent me some pictures of furniture “floating” in his living room. He had left for the day to take his wife to the doctor. There was talk about the river near his home beginning to rise. When he returned, the water level was 3 feet inside his house. It happened very quickly and receded just as fast. But, the damage was devastating and heartbreaking.
Last record of flooding on his property? You guessed it…100 years ago.
Spring is a good time to review your Property policies…both Personal and Business. Price some coverage options with your Agent. Uncover and discuss where any deficiencies lie. Understand how your current policies will react to a Flooding event.