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12/27/2012 - Property owners re-thinking their insurance coverage in wake of Sandy

Floods affected countless homes and businesses nationwide in 2012.

More than a month removed from Hurricane Sandy, a considerable number of homeowners are making flood insurance a top priority, according to a recent report.

Risk management firm Marsh indicates that since the late-October superstorm roared ashore, there has been a notable rise in the number of people who have sought to obtain flood insurance, as this is not a standard part of a homeowner's insurance policy.

Duncan Ellis, property practice leader for Marsh, noted that in addition to homeowners, business owners would be wise to obtain a flood policy as well.

"[National Flood Insurance Program] coverage and commercial flood insurance policies are complementary in that they can be structured to work in concert with one another," said Ellis. "That said, many businesses rely solely on the commercial marketplace and do not purchase additional coverage through the NFIP, despite the widespread availability and relatively inexpensive cost."

He added that since Sandy, many business owners have given more consideration to flood coverage.

Though policies vary, flood insurance is typically quite affordable, averaging between $200 and $500 for a year's worth of protection.

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