North Texas Dentistry Volume 8 Issue 3 2018 ISSUE 3 DE | Page 37

very different from what we’ve come to
expect from standard homeowners or
office insurance.
So if we take this a step further, what’s
considered building coverage and what’s
considered contents coverage under the
flood policy? First let’s look at building
coverage. Obviously this includes the
building and its foundation. In addition,
the building coverage also pays for items
permanently installed such as plumbing
and electrical systems, HVAC systems,
water heaters, refrigerators, stoves and
built-in dishwashers, paneling, wall-
board, bookcases and cabinets. The pol-
icy will also pay the cost associated with
debris removal.
Personal property items include cloth-
ing, furniture, televisions and sound
equipment, appliances that are not per-
manently installed like microwave ovens,
washers, dryers, freezers and even win-
dow unit air conditioners. The list of pos-
sessions considered personal property
can be very long indeed and let me
remind you again that any settlement
paid for these items under a flood policy
will be based on their depreciated value.
Still, that was the good news. There are
also things you might own that will not
be covered at all by a flood policy and it’s
good to know up front what these things
are. To put it as simply as possible, prop-
erty located outside of a home or office
building is not going to be covered. This
includes structures like swimming pools,
hot tubs, decks, patios, fences and
walkways, as well as septic systems.
Landscaping and plants aren’t covered
either. You also won’t find coverage for
currency, fine art, precious metals, stock
certificates, jewelry, etc. Also excluded is
coverage for living expenses, such as
temporary housing and financial losses
caused by business interruption.
Now that you understand the basics
regarding flood insurance, it’s time to
consider whether or not to buy a policy
to cover your home or office. Before you
think to yourself that it’s never flooded
in your area before and move on to the
next thing, consider that conditions
change. Hurricane Harvey hit the Texas
coast less than a year ago and properties
were flooded that had never, ever
flooded before. Consider that rainfall can
exceed yearly averages, new construction
can alter drainage patterns, storm drains
can break or clog and of course, depend-
ing on what you believe, global warming
may or may not be changing the world
we live in. The point being, the past is
probably not a good predictor for th e
future. Also consider this, if you really do
live in an area considered to be at low
risk for flood, the policy is not going to
cost you very much.
So hopefully we get to Thanksgiving this
year without a named storm making
landfall in the state we love. That would
certainly be something to be thankful for.
If not though, second best would cer-
tainly be that not a single uninsured
property was impacted.
Kyle Wallace has over 30 years of experience in the insurance indus-
try. The last 20 have been spent working primarily with dentists, oral
surgeons and their practices. Kyle and his team have built strong, and
in some cases exclusive, relationships with quality insurance compa-
nies that specialize in products for the dental community. Kyle and his
wife, Terri, own Wallace Specialty Insurance Group – the first full serv-
ice, “one stop shop” insurance agency dedicated to helping dentists
and physicians protect themselves, their families and their practices.
FREE VALUATION
PRACTICE
Know the value of your practice
[phone] | ADStexas.com
Jeremy Brown JD, Joe Piazza DDS, Terry Watson DDS, & Frank Brown JD
Practice Sales & Appraisals
www.northtexasdentistry.com | NORTH TEXAS DENTISTRY
37