Category: Water Damage
The 2022 Atlantic hurricane season (officially beginning June 1), is predicted to be another active one calling for 19 named storms. This increase continues the trends from 2020 and 2021 of above average activity. If your investor clients own Atlantic coastal properties, now is the critical time to be sure they have the appropriate coverage they need should one or more of these forecasted storms strike.
The year 2021 continued to be an interesting year in the insurance market, with extreme and unique weather events and ongoing uncertainty around COVID. The industry as a whole continues to experience a rapidly hardening property market, a trend that accelerated in 2020, but had been snowballing the previous five or six years. It is common for the market to cycle from hard to soft every five to ten years, so it is increasingly important for investors to ensure that their insurance agent is advising them on ways to “ride out the storm” while still maintaining adequate coverage.
Of the three leading causes of property damage—fire, theft/vandalism, and water damage—the last one is usually the easiest to prevent. Your investor clients can avoid frozen pipes and water damage at their vacant property by taking some simple steps to winterize it properly.
With many parts of the country experiencing significant flooding this spring and summer, we wanted to share some tips on how to reduce the risk of mold after a flooding event. If not caught within 24-48 hours, you can have a serious mold problem on your hands. Share these tips with your investors to help keep their property mold-free after a heavy rain event.
Helping your investor clients understand the difference between Flood, Water Damage and Sewer Back-Up is a common challenge. Which covers what exposure? How can your client purchase these coverages if they are excluded from their current policy?