Earthquake & Flood Insurance
Earthquake Insurance
We offer earthquake coverage for commercial building and residential house exposures.
Earthquake coverage is generally excluded on your commercial and home insurance policies. It is purchased as a stand-alone policy or in few cases, offered by endorsement.
It is difficult to predict when and earthquake will occur or how much damage will result from the earthquake or after-shocks.
Insurance rates are based on the earthquake zone you are located in, the age of the building, if it has been retrofitted for earthquake damage.
You likely have a large financial investment in your property. Waiting for something to happen may be too late. As soon as seismic activity is note, the insurance markets routinely put a freeze on new business or even pull out of the marketplace for new business all-together.
If you are located in an earthquake zone, protecting your asset with earthquake coverage is highly recommended.
Flood Insurance
Flooding can have a variety of causes including thawing snow, a rainstorm, a rising river, or creek overflowing, or even a neighbor’s pool draining into your home.
Flood insurance protects from floods under the following definition: Water that covers at least two acres of land that is normally dry, or that damages two properties, one being your own.
Flood Insurance provides coverage to rebuild or repair your property, and on some policies coverage for debris removal, loss of use (Coverage to live elsewhere while your repairs are being made after a flood), building code updates as required by city ordinances and coverage for your contents.
A commercial building or homeowners’ policy will usually cover things like burst pipes and in some cases back up of sewers or drains but weather-related losses or water coming in from the ground are very common exclusions.
The Federal Government offers flood insurance to all persons and businesses under “The Federal Emergency Management Agency (FEMA) which also cover damages in your home or business property caused from flooding. These policies are limited in coverage to $250,000 for personal dwellings and $500,000 for commercial properties.
Madison Avenue Insurance Group offers both private and government sponsored plans.
Private commercial or personal flood insurance can be purchased to cover your building and property for limits up to $1,000,000.