April 2020

Standard Flood Insurance Bootcamp – All You Need to Know

As the mountain snows melt, spring rains begin to fall and hurricane season rapidly approaches, it is important to remember that flood insurance typically is not a covered peril in a traditional homeowner’s, dwelling, condo or commercial property policy. As the property market continues to harden in 2020, it is more important than ever to understand your true risk of flooding and confirm you got adequate coverage options to protect what is probably one of your largest assets.

Flooding is the most common and costly natural disaster in the United States, with 90% of natural disasters in the U.S. involving flooding. This isn’t just coastal flooding, either. In fact, 98% of all U.S. counties were impacted by a flood event in 2018.

Yet, most property owners do not think their building is susceptible to flood. Common stances on flood insurance include, “I’m not in a flood zone;” “My realtor told me I am in a preferred flood area;” or “It hasn’t flooded in this area in years.” Because mortgage mandatory purchase requirements exist ONLY for buildings deemed to be in high-risk flood zones, most property owners assume that if it is not required, then the threat does not exist. This could not be more incorrect. The highest-risk areas have at least a 1% annual chance of flooding. To compare, the average chance of a home fire is 0.33%…nearly three times less likely to occur in any given year! Even many low-to moderate-risk areas see an annual risk greater than that of a home fire, with ranges between 0.2% and 1% in the 500-year flood plain.Read More »Standard Flood Insurance Bootcamp – All You Need to Know

Can I cancel my product liability insurance at any time?

At this time, with the COVID-19, while people are encouraged to exercise social distancing, more and more people shop online, and more sellers go online to sell their products, from masks and sanitizers to pretty much everything else you can imagine. To protect your business and operations, Product Liability Insurance is a MUST HAVE essential coverage. With this post on… Read More »Can I cancel my product liability insurance at any time?