Why many property owners don’t have flood insurance

Flooding in Columbia, SC

There are a few reasons why you as a property owner may not have flood insurance. You may not realize that flood damage is not included in your homeowners or property insurance…or you may think that you do not live in an area that could get damaged by flood waters.

About an hour and a half from us in Columbia, SC they received what the news has said is about 6 months of rainwater in just 2 days. Columbia is not on the coast, it does not often see a lot of rain, so you would think that you would not need flood insurance. This past weekend showed that just because flooding may not occur often in your area does not mean that it cannot happen. In the area of our office in Simpsonville, SC we were also forecasted to get 10 – 18 inches of rain on already rain soaked grounds. Luckily for us the system broke up before it got this far west and we got away with only 5 inches of rain & minor damage from fallen trees.

Could your property recover financially from damage shown in the picture above? We over flood insurance for both homes & businesses. Give us a call at 864-688-0121.

Flood Season is Here – Do you have insurance coverage?

Floods can happen anywhere, however recent Wildfires in several Western States have increased the risk of large-scale flooding & mud flows in these areas. Wildfires increase the risk of flooding because the fire removes vegetation & chars the ground, leaving it unable to absorb rainfall the way it normally would. The risk of floods and mud slides remain high for up to five years after wildfires.

Your business insurance policy & homeowners insurance policy does not include flood insurance. No matter what area of the country you live in, don’t leave your home or business unprotected! Contact the Cossio Insurance Agency today to get flood insurance coverage & let us be your lifesaver!

How Do You Protect Yourself if You Are Self Employed?

How Do You Protect Yourself if You Are Self Employed?
How Do You Protect Yourself if You Are Self Employed?

Most business owners will purchase a general liability policy to protect themselves in case of a lawsuit which is a good first step.  What many people fail to realize is that there are a few other coverage’s that they should also include.

General Liability provides defense cost in case of negligence on behalf of you or your employees.  This provides coverage for bodily injury or property damage.

Property coverage will protect you from damage or total loss of your equipment or supplies.  There are three forms of property coverage we will discuss.

First coverage will be property coverage that provides coverage from fire, theft, wind of your building, equipment, products, inventory, supplies from inside your building.  There is no coverage for this for flood.  There is flood insurance that can be purchased separately to cover your building and property. This does not provide coverage for your equipment or product that leaves the building.  The coverage that provides coverage for your property off premises is called Inland Marine coverage.

The second important coverage is Business Income which is under the property policy and needs to be added.  This provides coverage for your ongoing expenses after an insured loss and the loss of sales due to this insured loss.

The third important coverage is Inland Marine coverage. This provides you with coverage for your property that leaves the premises. If you go off premises to a trade show, set up your equipment at a jobsite, you will need this coverage.  The perils that are covered are fire, theft, vandalism, water damage.

Since you have made a large financial investment for your business it would be financial ruin if someone stole your property, leaving you without a way to create income.  The cost is relatively inexpensive, and provides you the ability to continue operating your business.

Necessary Property Insurance Coverages

Necessary Property Insurance Coverages
Necessary Property Insurance Coverages

First coverage will be property coverage that provides coverage from fire, theft, wind of your building, equipment, products, inventory, supplies from inside your building.  There is no coverage for this for flood.  There is flood insurance that can be purchased separately to cover your building and property. This does not provide coverage for your equipment or product that leaves the building.  The coverage that provides coverage for your property off premises is called Inland Marine coverage.

  1. The second important coverage is Business Income which is under the property policy and needs to be added.  This provides coverage for your ongoing expenses after an insured loss and the loss of sales due to this insured loss.
  2. The third important coverage is Inland Marine coverage. This provides you with coverage for your property that leaves the premises. If you go off premises to a trade show, set up your equipment at a jobsite, you will need this coverage.  The perils that are covered are fire, theft, vandalism, water damage.

Since you have made a large financial investment for your business it would be financial ruin if someone stole your property, leaving you without a way to create income.  The cost is relatively inexpensive, and provides you the ability to continue operating your business.