Whether from a hurricane, a broken dam, or a rising river, floods are one of the most common and most costly causes of loss. Because flood insurance is so difficult to obtain, floods are also one of the most feared causes of loss.

On May 22, Sergio Leal wrote a post on the Property Insurance Coverage Law blog about the problems currently facing the National Flood Insurance Program. Since most policyholders rely on the NFIP for flood coverage, this is a particularly important debate for associations located on the coast or in flood prone areas.

The NFIP has low limits on coverage, generally $250,000 for homeowners and $500,000 for commercial property owners. This is inadequate for most associations.

Recently, Zurich announced that it would begin offering excess flood insurance to residential and commercial policyholders in all 50 states. According to the carrier, coverage will be offered for property damage, additional living expenses, and business interruption.

With hurricane season beginning shortly, associations should speak with their brokers and consider supplementing existing coverage if necessary. Property damage, loss of use, and business interruption can be costly but, with the appropriate coverages, reimbursable.

Are you looking for help?

Let us help you. Call now: (877) 449-4700

info@merlinlawgroup.com | Monday – Friday, 9 AM – 5PM

Why choose Merlin Law Group?

Founded in 1985, our law firm continues to be dedicated to representing insurance policyholders throughout the United States. Collectively, our lawyers are licensed to practice in 25 states. In fact, many of Merlin Law Group’s attorneys worked for the insurance industry before joining the firm, so they bring a strong understanding of insurance company practices. Anyone can file a claim, but it takes experience, knowledge, and savvy to achieve a truly successful outcome. As The Policyholder’s Advocate®, Merlin Law Group aims to drive positive change within the insurance sector by obtaining justice for our clients and educating policyholders on how to navigate insurer bad faith tactics.

When we handle property insurance claim disputes, we hire the most experienced and qualified expert witnesses to evaluate your insurance claim and testify on your behalf. In most cases, we can advance the fees for this. Typically, we hire experts such as engineers, contractors, independent roofing consultants and other professionals to perform a thorough assessment on all possible causes of damages. This is a process that provides us with a very detailed and all-inclusive estimate for determining and justifying a proper settlement. Our use of these professional expert witnesses sets us apart from other insurance law firms.

Submit a free case review