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Nature continues to be a force to reckon with as the effects of climate change have made storms and other weather events more powerful and destructive. Severe flooding experienced during vicious storms is proof of this as thousands of houses and buildings have been greatly affected and destroyed in calamities such as Hurricanes Katrina and Sandy. However, a recent legislative action has made it possible for more small businesses to secure flooding insurance for their properties, as Bloomberg News correspondent Annie Linskey reported:

House on Stilts

Two years after passing an overhaul of the National Flood Insurance Program that was praised as a bipartisan victory, Congress erased most of it yesterday with Senate approval of the Homeowner Flood Insurance Affordability Act.

The bill mostly reverts the law to pre-2012 terms. Homes that were built to code prior to the new flood estimates would continue paying the older, lower rates. The bill would undo a provision in the 2012 law that triggered higher flood insurance rates when houses are sold. It would require a refund for those homeowners who’ve had to pay the higher rates.

The Homeowner Flood Insurance Affordability Act is designed to protect millions of American homeowners and businesses from dramatic increases in their flood insurance premiums. Owners of small enterprises welcome this news as the law makes it easier for them to cover their properties against destructive flooding. Amid this development, a trusted small business insurance agency such as can help local companies and startups protect their company assets.

Small business insurance providers feature useful and affordable products such as commercial property insurance which is designed to secure real properties and equipment necessary for small-scale ventures to operate. Natural calamities pose a significant a risk that enterprises need to shield themselves from since climate change has intensified their impact. The protection that insurance agencies offer gives local companies a better chance of claiming sufficient sums to rebuild installations and repair assets after a particularly menacing storm passes.

As policymakers continue to draft legislation that would make it easier for businesses to address certain concerns, rising enterprises should consider getting the services of an insurance agency that they can depend on to protect their properties.

(Source: Good News: The Government Will No Longer Make You Put Your House on Stilts, Bloomberg News, March 14, 2014)