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Posts Tagged ‘Flood Insurance

Business Continuity – Disaster vs. Recovery

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25% of businesses do not reopen after a major loss.

48% of businesses do not even pretend to have a business continuity plan.*

But 95% think they are prepared.*

Is your plan only keeping your insurance policy somewhere safe?  (Which is not the worst start in the world, but it’s grossly inadequate.)

Do you have tasks for each employee after a disaster?  (Did they actually agree to them?)

What would actually be a disaster for your company?  (Flood, hurricane, fire, data breach, lawsuit, death of an owner?)

Yes, sometimes  it seems like the Four Horsemen of the Apocalypse, but these things really do happen.

There are many small businesses which would suffer less from a flood than from a cyber breach;  doctors, lawyers, insurance agents, consultants, architects come to mind.

There are many small businesses which would suffer less from a hurricane than they would from the death of an owner without a succession plan, or adequate life insurance.

Spend a few hours once a year to prepare a continuity plan; surviving a disaster will be much more pleasant if you do.  Then talk to your insurance advisor so you know if you have money to help you recover.

*Travelers Insurance survey result

GBW Insurance/AssuredPartners 855-467-2877, extension 677

Can you get Flood Insurance in time for a Hurricane?

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IMG_0692It’s too late when the flood arrives.  It’s too late when the hurricane is landing.  It’s too late two weeks before the hurricane arrives.

The National Flood Insurance Program (NFIP) has a 30 day waiting period unless you’re buying a new home or re-financing.  So if the peak of hurricane season is in August and September (for NJ and the rest of the Northeast) you have to start a month before.

Floods can occur on the side of a hill, or miles from rivers or lakes or sea shores.  25% of all flood losses happen in non-flood zones.

Flood insurance is not expensive in the low threat zones.  For higher value homes, it may be possible to bundle home and flood insurance in one policy.   Check with your insurance advisor.

If you’d like to have us check several insurance companies for you (in New Jersey) call 800-548-2329, extension 112.  Or click here to send some basic info to us so we can get started for you.

And yes, the baby elephant in this picture did make it across the flooding river.  His mom and aunties helped.

NJ Flood Claims Reopened

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IMG_0345Meeting yesterday  with the Professional Insurance Agents of NJ, #PIANJNYConf  the Commissioner of Banking and Insurance outlined the reopening of flood claims from Hurricane Sandy.

Commissioner Kobylowski said that private insurance companies servicing the National Flood Insurance Program (NFIP) have had relatively few complaints.  However, there are some components of the Sandy losses that have led to a general reopening of claims.

There were approximately 75,000 flood claims in NJ from Sandy.

Of those claims approximately 7,500 involved engineering reports.

Of the those, approximately 3,500 reports were prepared by engineering companies which have been accused of mistakes or misstatements in other states.

The NFIP is offering to reopen claims as necessary to be certain that proper procedures will be followed.

Mailings to the 3,500 claimants above will go out first, followed by mailings to the remainder of the 7,500 claimants whose losses required engineering reports.  And the third wave of letters will go to the remainder of the 75,000 claimants.

This is all dependent on the Federal program, NFIP, which is controlled by the Federal Emergency Management Agency (FEMA).  The NJ Department of Banking and Insurance (DOBI) will monitor the actions and results from this project and provide consumer information where warranted.

Written by gbwinsurance

June 9, 2015 at 9:06 am

Flood Insurance Maps in New Jersey

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Flood insurance takes 30 days to put into effect. So start now if you want it when you need it.  Try our site for quotes.  Click here, fill in what you can, and we will help you get a quote. (Remember to fill in the security code at the bottom.)

Here is a link to the new flood insurance maps in NJ. This uses National Flood Insurance Program (NFIP) data (part of the Federal Emergency Management Agency or FEMA).

While we can’t guarantee these maps, because we don’t control the site, they have been useful to us in counseling clients.  There have been winners and losers in the new maps; some New Jersey areas have been moved to lower risk designations, many have moved to higher risk and higher costs.

With new maps in place, individuals whose property was damaged by Hurricane Sandy now know how high they have to raise their property to qualify for lower rates.

But keep an eye on rate changes.  While the FEMA/NFIP program states that prices will rise under caps, the caps come off when you make certain changes.  That’s when you see the headlines about people whose flood insurance rate has gone up 100% or even 1,000%.

If you have questions, need some advice, want to change agents, or need to start a flood policy, please give us a call at 1-800-548-2329, extension 117.   Para Español, ext. 110

Tropical Storm headed toward you?

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Insurance companies prohibit adding or starting property coverage when named storms approach. A tropical storm is approaching the Atlantic coast of the US. If you want property coverage, if your coverage is inadequate, act now.

If you need help in with New Jersey insurance coverage, call us today. 1-800-548-2329. or http://www.GBWinsurance.com

If you want flood insurance, it may be too late for this month, but you should get started if you want it before September.  Hurricanes in the Northeast peak late in the season.

Flood Insurance – Hurricane Season Coming Soon

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The National Flood Insurance Program (NFIP) sent us this warning/outlook for flood insurance 2013.   In summary, another tough hurricane season forecast, which means more  flooding.  And flood insurance takes 30 days to get in place.  (Click here for our flood insurance page and quick quote page.)

Hurricane Season Outlook 2013
Experts are calling for an active Atlantic hurricane season, which means it could also be an active flood season. In their annual spring forecast, Colorado State University Meteorologists Philip Klotzbach and William Gray predicted 18 named storms, 9 hurricanes, and 4 additional major hurricanes. They suggest there is a 96 percent chance a storm will hit the United States.
Hurricane season is the optimal time to speak to new and existing customers about flood insurance. The prospect of potentially damaging storms provides context for the flood talk, as it reminds consumers that flood risk is real. Homeowners still remember Hurricane Irene’s impact in 2011 and the destruction from Sandy last October. While flood risk is top of mind, you have an opportunity to target existing customers without a flood insurance policy and teach them how flood insurance can help them recover from a flood. For clients in a Non-Special Flood Hazard Area (NSFHA) who are within the “one mile buffer zone,” explain that floods don’t stop at a line on a map.
Show clients and prospects who don’t have flood insurance how they might be affected by hurricane season. Use the Flood Risk Scenarios tool to illustrate how tropical storms and heavy rains can cause flooding. Remind them that if it can rain, it can flood. It’s also important to let your clients know that most homeowners insurance policies do not cover floods; instead, only flood insurance provides the financial protection property owners need.
Help your clients protect their assets by encouraging them to obtain flood insurance today. There’s a 30-day waiting period before a flood policy takes effect, so don’t delay in communicating this important message.

Prepare for disasters in advance

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Hurricane season for 2013 starts in less than a month.  Preparing in advance may take more time than we have before the next hurricane.  Or you may have a couple of years before the next major hurricane strikes you.  Either way, here are some locations for preparation advice.

Residential preparation: Click here for the DisasterSafety.org pamphlet on preparing for hurricane damage to homes.

Or go to this GBWInsurance.com link for more catastrophe preparation and response info and suggestions from Travelers Insurance and Hanover Insurance.

Business preparation: Click here for the DisasterSafety.org page leading to a full business recovery preparation program.  This is an excellent introduction to developing a step by step business recovery plan.  If you would like help with this or additional resources, call us at 1-800-548-2329 ext. 101

After two years of significant hurricane damage in the Northeast, we should all be on our toes about catastrophe preparation and catastrophe insurance (flood and windstorm).  The odds of another serious storm are exactly the same as they were in 2011 and 2012.