Last year, the United States incurred an estimated $52 billion loss due to natural disasters. Floods and flash floods accounted for over 5% of these losses.
According to statistics, property damages caused by floods in 2018 alone were estimated to be valued at around $1.6 billion!
Hurricane Sandy: Damages and Costs
One of the worst disasters ever recorded, 2012’s Hurricane Sandy caused extensive damage, particularly across New York, New Jersey, and surrounding counties.
Reports estimate that 17% of New York was flooded once the hurricane made landfall. Over 2,000 homes around the city were severely damaged, while 15,000 homes suffered moderate damage. And that was just one storm!
Flood Damage Coverage
Standard homeowners and renters insurance policies do not cover flood damage. This means that a lot of property owners buy a separate policy from private insurers or through the National Flood Insurance Program (NFIP).
However, even after the insurance payout, property owners have to deal with additional costs of repairs and time lost.
Protecting Your Home and Property against Floods
While it’s impossible to escape flood damage entirely, there are some ways that property owners can get their assets ready for a flood.
Take a look at some of these tips to help you prepare for disasters in the future:
Do the Research — the first step to protecting your property from flood damage is to look up the risks for your residential or commercial property. Once you know the vulnerable areas, you will have a better chance of coming up with effective preventive measures.
Get Familiar with the Official Flood Preparation Guide — the Federal Emergency Management Agency (FEMA) has created a comprehensive guide for flood preparation. It contains a ton of necessary information for residents, including weather warning signs to look out for, flooding statistics for different areas, and emergency preparedness tips.
Share the guide with tenants in your properties to encourage them to secure your property from possible disasters.
Get the Right Kind Of Insurance — as previously stated, homeowners insurance does not cover flood damage. This means that you need to get proper insurance for your property to make sure you are properly covered!
Keep in mind that there are two kinds of flood insurance coverage. One is for the building and the structure and one for its contents. As a building owner, you are only responsible for the building itself. However, you can encourage the residents in your rental home to purchase individual coverage for their personal properties themselves.
Reliable Property Consultants:
Looking for reliable property consultants to help you manage your real estate?
KH Property Consultants is a leading property management firm in Brooklyn, New York. We specialize in property development, construction management, commercial property management, as well as tenant relations management and Rent Negotiations Management.
Give us a call today at (347) 987-4063 and let us help you boost the value of your property!