Turning the Tide on Flood Risk

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 minimize 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.

To read a full article on the subject, visit http://www.thinkadvisor.com/2014/04/22/risk-management-for-homeowners-returning-to-the-co