Why many property owners don’t have flood insurance

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.

In 2015, in Columbia, SC they received what the news said was 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 shows that just because flooding may not occur often in your area does not mean that it cannot happen.

This particular event was caused by Flash Flooding. This type of flood can occur with little or no warning and can happen anywhere. The Weather Channel describes a flash flood as “quick-rising floods usually occurring as the result of heavy rains over a short period of time, often only several hours or even less.They can also be caused by ice jams on rivers in conjunction with a winter or spring thaw, or occasionally even a dam break. The constant influx of water finally causes a treacherous overflow to begin, powerful enough to sweep vehicles away, roll boulders into roadways, uproot trees, level buildings, and drag bridges off their piers. Most frightening is the rapidity with which the water rises.”

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.

Sources

The Weather Channel. “Flood and Flash Flood Facts”.  Nov 19, 2012. https://weather.com/safety/floods/news/flood-safety-20120423

Fire Safety: Is your home or business prepared?

Smoke billows from a tower block severely damaged by a serious fire, in north Kensington, West London, Britain June 14, 2017. REUTERS/Neil Hall

According to the Red Cross fires cause over $7 billion in property damage each year & around 7 people die each day from home fires. Just last week in London a high rise apartment building caught on fire with over 600 residents inside. There were over 79 fatalities. According to a report from CBS News, the building had a history of numerous complaints about fire safety regulations throughout the past 3 years.  The fire took only six minutes to spread six floors up. The external cladding that was installed in 2016 is believed to be the cause of the rapid spread of the fire. British & Australian officials has since started removing similar type cladding from other buildings.

Continue reading “Fire Safety: Is your home or business prepared?”

Bounce House Blower Starts Fire in Indoor Center

Jump On It Fire

An Indoor Center in Maryland called “Jump On It”,  recently experienced a fire that was caused by a malfunction of one of the bounce house blowers. According to news reports, a parent alerted the staff around 12:40 on September 9th that they noticed smoke coming from the blower attached to the Batman inflatable. The smoke turned to flames and the parent told others in the facility as well as the front desk who used the intercoms to alert everyone.

Continue reading “Bounce House Blower Starts Fire in Indoor Center”

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.