Catastrophe Insurance

Posted by on Sep 15, 2010 in Featured, Portfolio | Comments Off on Catastrophe Insurance

Catastrophe Insurance

When thinking about insurance, most people think about the common types of occurrences such automobile accidents, fire, windstorms, and burglaries, but there are other catastrophic events that most people never consider, namely flood and earthquake. What makes this even more of a concern is that neither earthquake nor flood is covered by a homeowners, fire, or commercial package policy.

While most U.S earthquakes occur on the Pacific coast, no section of the country is immune. We had a good example of that the Mid-Atlantic region in 2011. Earthquake insurance can be purchased, and it is important to discuss this coverage with your local HH&B agent if you have some concerns that you may be in an area subject to earthquake losses.

Flood Insurance is administered by the National Flood Insurance Program, a component of FEMA. It is important to know that just a few inches of water can cause tens of thousands of dollars of damage. Over the past 10 years, the average flood claim is $48,000. Flood insurance is available to homeowners, renters, and owners of residential and commercial property. Coverage is available for building and personal property. There is a 30 day waiting period from the date insurance is purchased until the policy goes into effect. If you are concerned that your property may be susceptible to a flood loss, contact your local HH&B agent and discuss your concerns.

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