The Public Perception Of Flood Insurance
Studies indicate that one out of five people believe flood is covered under their homeowner's policy. This suggest the majority of property owners understand they can only receive flood insurance by purchasing it separately.
After Superstorm Sandy, interviews with some homeowners revealed they felt were necessary coverage's: Basement coverage and additional living expense.
In one example, a restaurant owner candidly pointed out he already had the means and the employees willing to renovate and re-open to a strong customer base that hadn't evacuated. Under these circumstances he had little time for regulations and insurance procedures, but mentioned he would be more inclined to purchase flood insurance if it included more coverage he considered valuable, like business income interruption and extra expense.
Flood insurance can be a valuable coverage. Some might not think they need it, or some might think they already have it. Please have your agent review your policies and make sure you have the coverage to protect you.
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Sterling Peaks Insurance
529 25 1/2 Rd. Suite B111
Grand Junction, CO 81505
SPI Reflections Blog
Our blog is about educating our customers and the public about important insurance information that we feel is meaningful.