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Peoples Choice Insurance Blog: flood insurance

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Eastern seaboard businesses continue their struggle to rebuild after Hurricane Sandy.  In terms of economic losses, the October 29, 2012 storm
 will be remembered as one of the largest natural disasters in U.S. history.

Many residents and businesses, particularly in the hardest hit coastal areas of New Jersey and New York, were caught off guard by the
late-season storm.  In addition to the property destruction caused by high winds and flooding, power outrages created big headaches and huge
financial losses for many small businesses.

Weather experts from the National Oceanic and Atmospheric Administration (NOAA) are predicting an “active” 2013 Atlantic hurricane season.
 The six-month season, which began June 1, typically peaks between August and October. Now is a good time to put a disaster preparedness
 plan in place to protect your employees and your business.

The SBA and Agility Recovery recently hosted a free webinar giving tips on how to prepare for Hurricane season.  But it doesn’t matter if you’re
 in the Gulf Coast or the Upper Midwest—all kinds of risks exist, and small businesses are particularly vulnerable.

Go to this link Download Adobe Reader to read this link content to download the slides from the recent “Protect Your Business This Hurricane Season” webinar.  You can also
view the recorded webinar at any time. You will need Windows Media Player 9 or higher.

Meanwhile, there are a few things you can do, at no cost, to jump-start your business continuity plan:

Determine your greatest risk potential.  It might come from wind damage or the inland flooding that typically follows the tropical storm’s

 heavy rains.  Meanwhile, your business could suffer financial losses due to road and bridge closings in the aftermath of a hurricane. 

Power outages are a major threat, especially to businesses in the food and hospitality industries. What would happen if you had to shut

 down your business for several days?  Look at the building where you do business—inside and out—and assess the risks. If you do this

 early enough, you’ll have time to do structural upgrades—like impact resistant doors and windows—that can prevent possible future

storm damage.

Calculate the cost of business interruptions for one week, one month and six months.  Once you’ve done that, you’ll be able

investigate insurance options or build a cash reserve that will allow your company to function during the post-disaster recovery phase.

It’s also a good idea to develop professional relationships with alternative vendors, in case your primary contractor can’t service your

needs.  Place occasional orders with them so they regard you as an active customer. 

Review your insurance coverage.  Contact your agent to find out if your policy is adequate for your needs. Consult with a business

 insurance expert to advise you on the right coverage for your situation. When buying insurance, ask “How much can I afford to lose?”

  It’s a good idea to know the value of your property.  You also may want to look into flood insurance.  According to the U.S. Geological

 Survey, floods are the leading cause of natural disaster losses. Most property insurance policies don’t cover basement flooding. 

Build a crisis communications plan so you’ll be able to make sure your employees, customers, vendors, and contractors know what’s

 going on.  Establish an e-mail alert system.  Make sure you have primary and secondary e-mail addresses for your employees, and

everyone you do business with.  Create a Facebook page, and use Twitter to let the community know you’re still in business, and in the

 process of recovering after the disaster.

Consider a Telework Policy.  Prepare for the possibility that employees won’t be able to get to work by developing an emergency

 telework policy. Read  “How To Make Telework Work for your Small Business” for more information.

Each month SBA and Agility Recovery hosts a free webinar providing business continuity strategies. The August 13th webinar will focus on
 useful tips for building your own disaster preparedness plan.   Space is limited so register now.

Related Resources

    I was just on a 4 hour webinar this week and was told changes are coming and for the better. In October. Monday, July 15, 2013
National Flood Insurance Program Community Rating System |

I thought this would answer a lot of question's I've been receiving about the Flood program. Peoples Choice is always staying on top of things that concern our area's of business Florida, Long Island. We go through training on a regular basis so we can keep our client's informed. If you have any questions or are interested in the program. You can call our office speak to Mike DiGennaro who has been through seminars and has helped the community. To overcome any questions they may have. Just as a last note in October there are going to be changes in the National Flood system. Pricing will be a major component. So if you had intention's to consider this do it forms are available on our website and we will keep you informed.

You may be able to save hundreds of dollars a year on homeowners' insurance by shopping around. You can also save money with these tips:

  • Consider a higher deductible. Increasing your deductible by just a few hundred dollars can make a big difference in your premium.
  • Ask your insurance agent about discounts. You may be able to get a lower premium if your home has safety features such as dead-bolt locks, smoke detectors, an alarm system, storm shutters or fire retardant roofing material. Persons over 55 years of age or long-term customers may also be offered discounts.
  • Insure your house NOT the land under it. After a disaster, the land is still there. If you don't subtract the value of the land when deciding how much homeowner's insurance to buy, you will pay more than you should.
  • Don't wait till you have a loss to find out if you have the right type and amount of insurance.
  • Make certain you purchase enough coverage to replace what is insured. "Replacement" coverage gives you the money to rebuild your home and replace its contents. An "Actual Cash Value" policy is cheaper but pays only what your property is worth at the time of loss your cost minus depreciation for age and wear.
  • Ask about special coverage you might need. You may have to pay extra for computers, cameras, jewelry, art, antiques, musical instruments, stamp collections, etc.
  • Remember that flood and earthquake damage are not covered by a standard homeowners policy. The cost of a separate earthquake policy will depend on the likelihood of earthquakes in your area. Homeowners who live in areas prone to flooding should take advantage of the National Flood Insurance Program.
  • If you are a renter, do not assume your landlord carries insurance on your personal belongings. Purchase a separate policy for renters.
  • Peoples Choice Insurance Agency has 12 insurance company's fighting one anotherr to give you the lowest price and the best coverage for less. Call the Broker at  888 573-2230 or to fill out a on-line application.

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