In flood-prone areas of the country, spring can be a precarious time. As winter freezes thaw, waterways are often overwhelmed and properties on flood plains are put at risk. Because most standard homeowners insurance policies don't cover damage from flooding, additional insurance is advised or required for many of those homeowners to protect their investments when disaster strikes.
The Pittsburgh Post-Gazette profiled some homeowners in the region who were either on the fence or averse to the idea of purchasing flood insurance. One homeowner, John Agnew, decided to take his chances without coverage.
"Mr. Agnew sees no need to buy flood insurance since no water has ever made its way inside his house on a hill, but some of his neighbors who have bought flood insurance may be in for a surprise the next time they renew their policies," explains the newspaper. "Across the nation, new rates went into effect on April 1 under the National Flood Insurance Program."
Advising property owners to protect their most important investment can help save them money when waterways flood. While rates are subject to change, the threat of damage and destruction persists. That's why it's critical that policies reflect the most current replacement value of a home or commercial property. Insufficient coverage can lead to significant out-of-pocket expenses when policies aren't as accurate as possible.
Insurance professionals need a consistent, accurate and up-to-date valuation for every property in their books. e2Value's valuation solutions can be built into existing workflows or contribute to a new system of ascertaining the replacement value of residential and commercial properties. Contact us today to learn more about our suite of solutions for professionals in the insurance industry.