October 14, 2015

Buy the Umbrella before the Storm: The Importance of Flood Insurance

In Insurance

When thinking about risk management, floods – and by association, flood insurance – are often dismissed as a wasted expense or optional add-on. Buyers rationalize that flash floods and damage from rainfall are things that only happen to “other people.” It brings to mind Noah’s ark, surging rivers, and tsunami waves crashing on the coast.  Sadly, however, this is actually something that every person should be thinking about. Damage from elements, particularly water, can have a serious effect on your life.

The top three causes of flooding are:

  1. Too much rain
  2. Broken water main
  3. Clogged/blocked external drains

A tragedy just like this occurred recently in South Carolina and is making the national news. More than 16 inches of rain fell in Columbia, S.C. last Sunday, leaving the South Carolina Department of Insurance to issue an emergency declaration about catastrophic rainfall on Monday.

Like a scene out of a horror movie, residents of North and South Carolina were running for their lives as breached dams and swollen rivers spewed tens of thousands of gallons of water into neighborhoods following several days of record-breaking rains. More than 20 inches of precipitation fell across the area, causing the collapse of 18 dams and taking at least 13 lives. Since flood and wind damage are frequently excluded from standard Homeowners policies and only about 10% of homeowners in South Carolina purchased flood insurance, many losses will be uninsured.

Our hearts go out to those affected by the flooding, and we hope that they had the foresight to protect themselves and their property with flood insurance. If you or anyone in your family has an interest in flood insurance or wants to learn more – please reach out to your in-house, knowledgeable risk managers at FIT.  We can prepare a flood recommendation within an hour.

Related Articles

October 26, 2023

Getting the Most from Your Amazon Benefits

Amazon provides generous company benefits that can help you build wealth, manage risk, and secure your future. It’s important to consider how to best integrate the additional compensation, retirement, and health benefits into your financial plan. Equity Awards Your grants of Amazon restricted stock units (RSUs) can help increase your cash flow or meet long-term [...]

Katie Mietus
Contributions from: Katie Berntson, CFP®

October 18, 2023

Caution: Under and Uninsured Motorist Ahead!

In my last article, “You Can Stand Under My Umbrella,” on the importance of an umbrella policy, we referenced a few exceptional stories highlighting when chaos happens – and how the appropriate insurance coverage can ‘save the day’ and protect assets during such times.  We have all seen the ads showing when “life happens” and [...]

Contributions from: Peter Beeson
How to Avoid Medicare Premium Surcharges

October 11, 2023

Beware of IRMAA: How to Avoid Medicare Premium Surcharges

Halloween overlaps with Medicare open enrollment, which in 2023 is happening between October 15th and December 7th. In the spirit of this festive season filled with ghosts, goblins, and ghouls, we want to warn you of another unwelcomed visitor that may spook you: IRMAA surcharges on your Medicare premiums (queue eerie music)! Read on to [...]

Katie Quick
Contributions from: Katie Quick, CFP®