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Loss Prevention Corner

"Loss Prevention Corner" is a compilation of hundreds of practical tips to help you reduce your chances of having a loss, or to minimize your damage if you do. The tips are divided into categories such as Fire, Water Damage, Burglary, Identity Theft, and many more!

Flood Insurance, Disaster Assistance and You

Most forms of federal disaster assistance, including FEMA's Temporary Housing and Individual and Family Grant Programs, are only offered if the President declares a major disaster.


90 percent of all disasters are not presidentially declared.


The most typical form of federal disaster assistance is a Small Business Administration loan that must be paid back with interest. The average duration and loan payment for a disaster home loan is 18.5 years and $140 a month.


To qualify for home repair assistance, your home must have relatively minor damages that can be repaired quickly. No rental assistance is available unless your home has been destroyed or significantly damaged.


The average Individual and Family Grant is less than $2,500.


Floods are the most common natural disaster with 80 percent of all presidentially declared disasters involving floods.


Buildings in flood hazard areas have a 26 percent chance of being flooded during a 30-year mortgage.


The premiums for a National Flood Insurance Program policy are usually quite reasonable.


Homeowners, business owners, and renters can all purchase flood insurance as long as their community participates in the National Flood Insurance Program. Even if a disaster is not declared by the President, flood insurance claims are paid.


When you carry a flood insurance policy and file a flood insurance claim, usually you get a partial payment immediately.


Flood insurance reimburses you for all covered losses. Disaster aid is limited to replacing essential items only. Homeowners can get up to $250,000 of coverage and businesses up to $500,000. Separate contents coverage also is available.


Maintaining a flood insurance policy is one of the most important things you can do to protect yourself and reduce the cost of flood disasters.


Flooding is not covered by a standard homeowner's insurance policy.


More than 300 communities participate in the National Flood Insurance Program (NFIP).


Any walled and roofed building in an NFIP-participating community is eligible, whether or not the building is located in a floodplain. Manufactured homes installed on a permanent site and anchored also can be insured.


Any licensed property casualty insurance agent or broker can sell the Standard Flood Insurance Policy.


There is a 30-day waiting period after a policy is purchased before coverage goes into effect. However, if a policy is required by a lender as a condition for obtaining a mortgage, then the coverage takes effect at closing.


Two types of coverage are available:

1. Structural coverage on walls, floors, insulation, furnace, and items permanently attached to the structure;

2. Contents coverage for such items as furniture, appliances, and other household goods. This coverage must be purchased separately from structural coverage.


Create a plan of action in the event of a fire in your home. Ensure that there is an operable window or door in every room of the house. Consult with your local fire department regarding fire safety issues and what to do in the event of a fire.



During my 27 years as a Property and Casualty Insurance Agent in the Greater Boston area, I have been collecting, from many sources, lists of dos and don'ts related to various areas of Loss Prevention (also known as "Risk Management"). "Loss Prevention Corner' is a compilation of those Risk Management tips that we offer as POSSIBLE SUGGESTIONS. Each of these tips may or may not be appropriate at all times, since every situation is different. The tips are here for your consideration. You must decide which of them is right for you.

Michael A. Norman
Our Video Legacy / Owner









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Weekly Tip: Place the contents of your wallet on a photocopy machine. Do both sides of each license, credit card, etc. That way you will know what you had in your wallet and all of the account numbers and phone numbers to call and cancel. Keep the photocopy in a safe place!