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Flood Insurance Tips for Your Home or Business

Posted by David Ross on Thu, Jun 01, 2017

Flood insurance tips for your home or business regarding adding flood insurance to your homeowners insurance or business insurance policy.No one wants to pay more for business or homeowners insurance than they need to, but everyone wants to ensure that that have the right coverage to protect their family and their possessions. It can be tricky to determine whether you need flood insurance. As you may know, standard homeowners and renters insurance policies do NOT cover flood damage.

If you’re in a designated flood zone, the purchase of flood insurance should be a no-brainer, and your lender will probably require flood insurance in that case. But what if you don’t live along a river or by the sea, and you’re far from a designated flood zone? That’s where it gets a little trickier.

Flooding: The Most Common and Costly Natural Disaster

Something to keep in mind: in the US, flooding is the most common and the most costly natural disaster, costing billions of dollars every year. The five most significant flood events in Pennsylvania (based on National Flood Insurance Program Payouts) include Superstorm Sandy in October 2012, Hurricane Ike in September 2008, Hurricane Ivan in September 2004, Hurricane Irene in August 2011, and Tropical Storm Allison in June 2001. 

Additionally, flooding isn’t always caused by overflowing rivers or out-of-control oceans. It can also be caused by melting snow, an overflowing creek, or water running down a steep hill. As FEMA states, “Just a few inches of water can cost thousands of dollars in damage to a home.”

If you do decide to purchase flood insurance, there are two types of coverage you need to understand:

Building Coverage covers the repair or replacement of the building. This includes the foundation, electric, plumbing, central air, furnaces, water heaters, refrigerators, stoves, and built-in appliances. Basic building coverage is available for up to $250,000 for residential and up to $500,000 for commercial.

Contents Coverage covers the contents of your home like furniture, clothing, electronic equipment, smaller appliances, etc. Basic contents coverage is available up to $100,000 for residential and up to $500,000 for commercial.

Please keep in mind that you can  purchase an Excess Flood Policy if you need more coverage than what’s available in the basic plans. You should also understand replacement costs – the amount you the insured will receive in the event of a loss.

Replacement Cost Value (RCV) is the cost to repair or replace the insured item at the time of the loss. There is no deduction for physical depreciation. The insurer is paid the amount required to replace the insured item (up to the limit). RCV is available when the insured property is the primary residence, and the amount of coverage is equal to 80% or more of the replacement cost of the building.

Actual Cash Value (ACV) is the cost to repair or replace the insured item, less the physical depreciation at the time of the loss. The depreciation is based on the age and the condition of the item. The contents of your property are always paid at ACV.

One more thing to keep in mind: With flood insurance, there is a 30-day waiting period before the coverage goes into effect, so don’t wait until you hear about a flood warning on the morning news to add flood insurance to your business or homeowners insurance policy.

Contact Us for Flood Insurance or Any Type of Insurance You May Need

Contact us for Flood Insurance for your home or business in Reading, Philadelphia, Allentown, Lehigh Valley, Pittsburgh, Erie, Harrisburg, Lancaster, State College, PA and beyond.American Insuring Group can help you determine if you flood insurance is right for your home or business.

And, regardless of what type of personal or business insurance you may need, we'll help you save because our independtent agents are free to shop among many competing carriers to find the right insurance protection at a great price.  

So contact us online or give us a call at (800) 947-1270 or (610) 775-3848 to learn more.

Tags: Flood Insurance, Flood Insurance Reading PA, Flood Insurance Philadelphia PA, Homeowners Insurance, PA Flood Insurance

Should You Get Flood Insurance for Your Home or Business?

Posted by David Ross on Mon, Jan 06, 2014

Tips for deciding if flood insurance is right for you. American Insuring Group: providing flood insurance protection for homes and businesses for over 25 years. We serve Reading, PA, Lancaster, Philadelphia, Allentown, Harrisburg, York, Hershey, Pittsburgh, Erie, and beyond.While most Pennsylvania homes and businesses are not considered to be in a flood plain, that doesn't mean that buildings in Pennsylvania don't flood. Even low risk areas suffer flooding due to poor drainage systems, blockages, broken mains, or rapid precipitation. The average homeowner's and business insurance does not cover flood damage, so it merits a discussion whether to purchase a flood insurance policy to protect yourself.

A Flood? What are the Odds? (Answer: More Than You Think!)

If your home or business is located in a flood-prone area, you were probably required to purchase flood insurance by your lender, so you have probably skipped this whole topic! The fact is, though, that about 25% of flood claims come from buildings in low or moderate risk areas, so no area is completely risk-free when it comes to flooding.

Flood Insurance? I’m Just Renting!

Even if you are just renting, you should still consider flood insurance if you have valuable equipment you couldn’t afford to replace. So if you run a scuba shop you might be okay, but everyone else should take a look at their computers, copy machines, and everything else it takes to run a business and picture them in a foot of water. Renter’s insurance can keep you covered in case that happens.

How Much Will Flood Insurance Set me Back?

To get an accurate quote on your potential flood insurance premiums, you’ll need a property value assessment and an estimate on the value of the contents of your property. If you do live in a lower risk area, the premiums can be surprisingly reasonable since it is less of a gamble for insurance companies.

What’s Covered?

Homeowners can buy coverage for up to $250,000 for the building and $100,000 for the contents. Business owners can get coverage for up to $1,000,000, half for the building and half for the contents. Renters can purchase coverage up to $100,000. If your property or equipment is worth more than that, you may want to consider getting excess coverage. When considering various plans, confirm whether the coverage is based on the current value of an item or the replacement cost.

Contact us for flood insurance for your home or businessSo don’t wait until you see the ark float by; find out what kind of flood insurance works for you to protect your home and business!  Give us a call at (800) 947-1270 or (610) 775-3848 or Contact Us by email.

Tags: Flood Insurance, Flood Insurance Reading PA, Flood Insurance Philadelphia PA, House Insurance, Homeowners Insurance, PA Flood Insurance, Commercial Insurance, Business Insurance

Minimize Insurance Claims After a Storm – Homeowners Insurance Tips

Posted by David Ross on Tue, Jul 10, 2012

The storm season is here, and it pays to be prepared with the right homeowners insurance policy. Homeowners insurance is designed to protect you from severe financial loss when your house is damaged. Major home damage in Reading PA, Berks County, Lancaster, Allentown, Philadelphia and other parts of the eastern U.S. often occurs due to flooding.  Fortunately, today’s technologies can restore your home to pre-flooding condition, especially if you act quickly when water damage occurs.

Homeowners insurance Berks County, Reading, PA, Lancaster, Philadelphia, Allentown, Harrisburg, Lancaster, State College, Pittsburgh, Erie, York, PennsylvaniaDo you know what to do or who to call when major storm damage occurs? Be sure to contact your homeowners insurance agent as soon as possible, and to take plenty of photos of the damage.  Remember to watch for fallen power lines and standing water that may be electrically charged. Plumbing, roofing, and electrical systems and appliances should all be checked by a qualified professional.  For more information, request our free report.

Get Your Valuable Free Report: What to Do After the Storm

In addition to providing helpful details on what to check and who to call, your free homeowner’s report will explain:

  • 2 things you can do to speed your insurance claims process
  • How to protect yourself against contractor scams after the storm
  • The key plumbing, roofing, and electrical items to check for when assessing damage

To receive your free report, courtesy of PuroClean, click here.

American Insuring Group is proud to offer you the guaranteed lowest prices on high-quality, affordable homeowner’s insurance from a multitude of competing home insurance carriers. With over 25 competing brands of insurance, we guarantee the best deal on homeowners insurance, as well as insurance for your car, life, health, or business. Contact us today for a free, no-obligation quote, or click for an > instant homeowner’s insurance quote.

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Flood Insurance for PA Homeowners – Are You At Risk?

Posted by David Ross on Sun, May 06, 2012

Many PA Homeowners Caught Without Flood Insurance Protection

Homeowners insurance for proper Reading PA flood insurance protection. Also for Philadelphia, Allentown, Bethlehem, Harrisburg, Lancaster, Lebanon, York, Pittsburgh, Erie, Berks County, Lancaster County, PennsylvaniaMany homeowners throughout Berks County, Lancaster County, and elsewhere in Pennsylvania experienced surprising homeowners insurance claims in 2011 due to flooding. Sadly, many lacked proper flood insurance resulting in denied claims and financial hardships that could have easily been avoided.  From Reading PA to Allentown, from Lancaster to Erie, and Philadelphia to Pittsburgh, homeowners were caught uninsured, underinsured, and unprotected against flooding.

Over-the-ground flooding can cause severe property damage and often presents unique challenges to homeowners as they attempt to restore their homes and property, with or without the benefit of flood insurance coverage on their homeowner’s policy.

Flood Plains and Homeowners Flood Insurance – Don’t Be Fooled

As many Pennsylvania homeowners came to realize in 2011, flooding can occur outside of so-called flood plains, so acquiring flood insurance even if you are outside a flood plain can be the difference between financial protection and financial disaster when a surprise flood occurs. Hurricanes, tropical storms, and even thunderstorms can cause extensive flooding even hundreds of miles from the coast.

Property damage specialists at PuroClean offer the following tips for coping with a flood, minimizing property damage, and insuring a speeding recovery:

  1. Get professional flood cleanup help quickly
  2. Remove all water, mud, and sludge
  3. Remove and properly dispose of contaminated porous materials (including carpet, padding, drywall, paper, cardboard, insulation, and particle board furniture)
  4. Sanitize semi-porous materials (structural wood, solid wood furniture)
  5. Use professional-strength EPA-approved products to sanitize the remaining salvageable structure, fixtures, and contents
  6. Professionally and thoroughly dry the structure as quickly as possible using dehumidifiers and high-capacity air movers
  7. Install one or more air scrubbers to remove harmful airborne particulates
  8. Perform any needed repairs

To download PuroClean’s factsheet on recovering from over-the-ground flooding, click here

Avoid a Financial Upheaval by Adding Flood Insurance Protection to Your Homeowners Insurance Policy

Remember, a flood can cause a major upheaval in the lives of any homeowner. Be sure to carry the proper flood insurance on your Pennsylvania homeowners insurance policy. Then, whether you hail from Reading or Lancaster, Philadelphia or Allentown, Pittsburgh or Erie, you will be grateful that you had the foresight to plan ahead.  Your family will thank you as well.

Need flood insurance for your home in Pennsylvania or elsewhere? Contact the commercial and homeowners flood insurance experts at American Insuring Group near Reading PA.  We’ll make sure you’re covered with the right homeowners flood insurance to get your home and property restored quickly and thoroughly. Click the Contact link above, or call us at (800) 947.1270 or (610) 775-3848.

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