Beachfront and coastal properties sit on prime acreage. However, along with the beautiful views and direct access to the beach comes the serious risk of flooding. Fortunately for high-net-worth homeowners with these properties, there is a vibrant private flood insurance market to help minimise flood-related losses.
Affluent homeowners can take proactive steps to reduce flood damage, including building with flood resistant materials, ranging from pressure treated wood to foam and closed-cell insulation. Another simple, but necessary, step is to raise electrical system components off the ground to prevent a flood-induced fire.
Most importantly, high-net-worth individuals should purchase excess limits of insurance and primary coverage to ensure that they are adequately protected when a major storm hits. View the full story “here”:http://riskconversation.com/blog/personal/2014/04/23/turning-the-tide-on-flood-risk/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+OutOfHarmsWay+(Out+of+Harm’s+Way).