Showing posts from October, 2021

Water, Water Everywhere. Time to Consider a Flood Policy.

By Venee Galloway, CPCU and Jimmy Norton, CPCU A water loss to your home or business can be devastating.  The Federal Emergency Management Agency (FEMA) says that just 1 inch of water can cause $25,000 worth of damage.  Their  Cost of Flooding Tool   illustrates how the cost increases as the water rises.    Many think that they aren’t at risk for a flood loss, but water can come from many different sources.  This video from Channel 6 in Philadelphia shows how one water main break affected many homes along a city street. We have seen an uptick of “100 year storms” over the last decade. In fact, 90% of natural disasters in the US involve some form of flooding. In the wake of Hurricane Ida, New Orleans once again suffered extensive damage to hundreds of its homes and businesses.   Water losses like these are not covered by standard insurance.  Property policies exclude damage caused by flood, surface water, ground water and drain backups.  Unfortunately, many of us don’t realize this unti