During a recent rain storm in New York, some portions of Suffolk County received up to 13 inches in a very short time when a weather system stalled. The results: road closures, sink holes, flooded businesses, basements and cars.
How can insurance policies be expected to respond to such damages?
Comprehensively, a physical damage coverage can provide some relief if your vehicle is damaged by flood. However, there are limitations depending on the type of coverage purchased, the proximate cause of a loss, and the steps you take to safeguard the vehicle afterwards.
Usually for property and business owners flood coverage is not provided under Homeowner’s, Businessowner’s or Package policies. Should Flood coverage be included, it is usually for limited amounts or in the form of a Water Back Up Endorsement.
FLOOD INSURANCE-Your best form of protection:
Flood insurance is the best safeguard against damages and destruction caused by:
- overflow of navigable waters
- mud slides
- unusual and rapid accumulation of surface water
- runoff water
- collapse and subsidence caused by erosion
- Super Storms such as “Sandy”
As with any exposure to loss, we strongly urge you to discuss your concerns with your agent or broker before something happens and find out the best way to protect your assets and your family.
By: Karen Skoler, CPCU