Risk & Business Magazine JGS Insurance Spring 2020 | Page 31

FLOOD INSURANCE
• Living expenses such as temporary
housing.
•
• Financial losses caused by business
Permanently installed carpeting
over an unfinished floor. • Permanently installed paneling,
wallboard, bookcases, and cabinets. • • Window blinds. Most self-propelled vehicles such
as cars, including their parts (see
Section IV.5 in your policy).
• Detached garages (up to 10 percent
of Building Property coverage).
Detached buildings (other than
garages) require a separate Building
Property policy. • Debris removal. risk flood zones such as B, C, or X. These
policies will include extremely high
deductibles! • Refrigerators, cooking stoves,
and built-in appliances such as
dishwashers.
Since Insurance Carriers don’t offer
affordable flood coverage in high-risk
flood zones, it’s important to have
protection from floods associated with
hurricanes, tropical storms, heavy rains,
and other conditions that impact the
United States. In 1968, Congress created
the National Flood Insurance Program to
help provide a means for property owners
to protect themselves when coverage is
unaffordable in the Insurance Market. • The Federal Emergency Management
Agency (FEMA) sets a Base Flood
Elevation for each Community. A Base
Flood Elevation Certificate is a vital
tool of the NFIP. It is used to certify
building elevations if a building is
located in a Special Flood Hazard Area.
This certificate provides the computed
elevation to which floodwater is
anticipated to rise during the Base Flood.
When dealing with a general flood
insurance policy in the standard
insurance market, physical damage
to your building or personal property
“directly” caused by a flood is covered
according to your specific policy terms
and conditions. This is assuming the
“flood” is a specified cause of loss on your
policy. FEMA/NFIP coverage limitations
apply to basements, crawlspaces, elevated
buildings on full story foundation walls,
and elevated buildings with enclosures.
WHAT IS INSURED UNDER PERSONAL
PROPERTY COVERAGE
• Personal belongings such as
clothing, furniture, and electronic
equipment.
•
• Curtains.
• Portable microwave ovens and
portable dishwashers.
• Carpets not included in building
coverage (see above).
•
• Food freezers and the food in them.
Clothes washers and dryers.
WHAT IS NOT INSURED BY EITHER
BUILDING PROPERTY OR PERSONAL
PROPERTY COVERAGE
• Damage caused by moisture,
mildew, or
WHAT IS INSURED UNDER BUILDING
PROPERTY COVERAGE • Mold that could have been avoided
by the property owner.
• Currency, precious metals, and
valuable papers such as stock
certificates.
• Property and belongings outside
of a building such as trees, plants,
wells, septic systems, walks, decks,
patios, fences, seawalls, hot tubs,
and swimming pools.
The insured building and its
foundation.
• The electrical and plumbing
systems.
•
Central air conditioning
equipment, furnaces, and water
heaters.
We all deal with floods every day! So what
if there was some sort of flood at your
home, community, or business? Are you
prepared for the ramifications of being
underinsured—or not insured at all? We
certainly cannot avoid a flood, but we can
be prepared to tackle one when the time
comes. Get a plan in place—if we fail to
plan, we plan to fail. +
Portable and window air
conditioners.
FEMA/NFIP WHAT’S COVERED
WHAT’S NOT?* •
Interruption or loss of use of
insured property.
BY: ROSS E. RUTMAN, CLCS, CPIA
ASSISTANT VICE PRESIDENT
JGS INSURANCE
Ross Rutman began his career in the
property management industry 14 years
ago.
While
working
within
various
departments
including
operations,
information technology, condominium
management and insurance; Ross
decided to pursue his passion and
joined JGS Insurance. For the past four
years Ross has represented the JGS
marketing team by working alongside
our sales, service and management side
of our business. He strives to provide a
consultative approach and proactive
services to our clients.
* FEMA: National Flood Insurance Program Summary
of Coverage - nyconstructionlaw.com/wp-content/
uploads/2012/11/NFIP_Summary_of_Coverage1.pdf1.pdf
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