Delaware Business Insurance Update by CNC Insurance Associates , Flood Insurance Rates may be going up. 9-2-13

After last years hurricane Sandy, the northeast sustained major damage. The national flood insurance program has paid out billions in claims. Now the federal government realizes that in order for the flood program to continue rates have to go up, especially in coastal areas. Currently the flood zone maps that determine rates are being re-drawn and reconfigured. No doubt this will result in increased premiums. So what can business owners who are close to the shore expect?  The same, higher rates and possibly less coverage.  It is extremely hard to risk manage the powerful forces of a hurricane so the only thing a business can do is buy insurance to protect its property. Too bad the only place to go is the federal flood program.  So the end result is to budget for higher flood insurance costs next year. Until next time be careful out there and know your risks.
By G. Kevin Nemith President of CNC Insurance
Serving DE, MD, NJ, PA, and VA
www.cncinsurance.com
www.bizinsurancetv.org

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