Delaware Business Insurance Update “ Flooding Still Surprising Business and Homeowners”. 10-14-18
Storms continue to surprise business owners and homeowners with flooding. The headlines show images of neighborhoods and streets inundated with water at depths no one would have ever expected. The reality in these situations is that most of the damage is not covered by insurance. Most businesses and homeowners do not buy flood insurance. There are a lot of reasons for this, but in my 30 years of experience, most people say they never thought it could ever happen in their area. What has to be realized is continued development and growth are casuing areas to flood that would not have flooded before. Flooding is no longer just near rivers, lakes and oceans. Buying the coverage is limited to very few options. The market is dominated by the Federal Government under the National Flood Insurance Program (NFIP). Most private insurance companies do not offer the coverage. In addition NFIP premiums can be significant. I have said this before in previous blogs, but the market needs to adapt