Disaster Mitigation...Buying Insurance

DISASTER MITIGATION... BUYING INSURANCE
By Chris Floyd Disaster Services Director Capital Area Chapter American Red Cross

Even with adequate time to prepare for a disaster, you still may suffer significant, unavoidable damage to your property. That's when insurance for renters or homeowners can be a big help. Yet, many people affected by recent disasters have been underinsured- or worse- not insured at all. Make sure the insurance you buy protects against the perils you face.

If You Own a Home...

• Buy, at minimum, full replacement or replacement cost coverage. This means the structure can be replaced up to the limits specified in the policy. • Investigate buying a guaranteed replacement cost policy. When and where available, these policies can pay to rebuild your house, including improvements, at today's prices, regardless of the limits of the policy. • Have your home periodically reappraised to be sure the policy reflects the real replacement cost.• Update the policy to include any home improvements, such as basement refinishing. Annual automatic increases may not be enough to cover these. • Buy a policy that covers the replacement cost of your possessions. Standard coverage only pays for the actual cash value (replacement cost discounted for age or use). • Be very clear about what the policy will and will not cover, and how the deductibles work (the part you pay before the policy pays). • Check state-operated or federally operated insurance pools if you find it difficult to obtain private coverage because of a recent disaster. Premiums often run higher than market rates, but this is better than no coverage. • Conduct a home inventory, make a list, and use it to check that your policy's coverage matches the value of your possessions.

If You Rent...

• Buy renter's insurance, which pays for damaged, destroyed, or stolen personal property. Your landlords insurance wont cover damage to or loss of your possessions. Also, consider special coverage like flood insurance for your belongings. • Be clear about what a policy will cover. Some policies cover more than others. For example, will the policy pay for living expenses if you have to live somewhere else temporarily, or for damage from sewer backup? • Comparison shop for the best coverage at the best price. Policies vary from company to company. Policies in most areas are very affordable. Start with the company that insures your car. Discounts are often available if you carry more than one policy with a company.

You may also want to consider special coverage as insurance for renters and homeowners won't cover certain types of losses. Ask your insurance agent or financial planner about special or additional coverage for floods, earthquakes, home offices, and other potential problems.
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Advanced Restoration Corporation is a full-service property damage/disaster restoration company that has been serving Long Island and the New York metropolitan area for over 20 years.

The company offers the highest quality residential, commercial and industrial property restoration and remediation services available. Our qualified and professional staff is capable of handling all aspects of fire & smoke damage, mold remediation and water damage. Emergency response teams are available 24/7 to promptly execute the required services for a customer.

Advanced Restoration is a member of multiple industry associations, including NYARM, BOMA, PIA, YIP, IICRC, NARI, NIDR and RIA. We are licensed in Nassau and Suffolk County, as well as the five boroughs of New York City.

Please contact Gary Matzelle at (516) 903-4107 with any questions, or send an email to gmatzelle@advancedrestoration.com. Our corporate website can be viewed at www.advancedrestoration.com.

Water Damage and Flood Insurance

Anywhere it can rain, it can flood!

Last week, Newsday featured an article on Suffolk County's new flood maps, which indicated a 14.9% reduction in flood zones across the county. That's good news for some property owners, since they will no longer be required to purchase flood insurance.

Flooding can be caused by heavy rains, inadequate drainage systems, as well as tropical storms and hurricanes. It is important to understand the flood risks you face before deciding whether to purchase flood insurance. Many people are unaware that most homeowners insurance policies do not protect them against flood damage. Property owners, renters and business owners may purchase flood insurance.

Low-cost flood insurance is available under the

National Flood Insurance Program (NFIP), a federally backed program managed by the Federal Emergency Management Agency (FEMA). The goals of the program are twofold: to protect communities from potential flood damage through floodplain management, and to provide people with flood insurance. Under the program, coverage may be purchased for most buildings as long as the property is located in a community that participates in the NFIP (most communities in New York State participate).

Flood insurance protects you from the financial devastation caused by floods. Even a few inches of water can bring thousands of dollars in repair and restoration costs. Flood insurance, like earthquake insurance, is "single peril" insurance, sold separately from homeowners insurance. Flood insurance protects against losses to buildings and their contents, not the land surrounding them. The coverage applies whether the flooding results from heavy or prolonged rains, coastal storm surge, snow melt, blocked storm drainage systems, or other causes. To be considered a flood, the waters must cover at least two acres or affect at least two properties.

For decades, the NFIP has been offering flood insurance to homeowners, renters and business owners, with the one condition that their communities adopt and enforce measures to help reduce the consequences of flooding.

Flood insurance is the best protection that home and business owners have against the devastating financial losses that floods cause.

For more information, contact your insurance agent or insurance company

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http://www.advancedrestoration.com/