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