Why Should My Client Purchase Lex FloodReady?
Just 4 inches of water in your client's home could cause flooring to be removed and the bottom 4 feet of wallboard to be removed. That probably necessitates your client moving out of their home and uprooting them, their children and their pets. Cleanup after a future flooding event would probably be much less inconvenient.
By replacing your client's flood damages with FEMA recommended flood damage resistant materials there is an increased possibility that they may be able to stay in their home in the event of a future flood claim (if the home has flooded once it may flood again). The baby stays in his or her nursery; the dog still has its fenced in yard; your client still has a kitchen to prepare family cooked meals; they get a good night’s sleep in their own bed.
Many attached garages are at elevations lower than the first main living floor of a home and are subject to frequent flooding.
Magnesium oxide wallboard is an excellent replacement material for use in garages because not only is it flood resistant it delivers 8X the fire suppression as compared to gypsum board (drywall) and qualifies as FEMA recommended flood damage resistant materials and is therefore an acceptable replacement for use with the Lex FloodReady coverage form.
NFPA releases new report on home fire statistics
April 23, 2013 – The National Fire Protection Association’s (NFPA’s) new report on home fires shows that U.S. fire departments responded to an estimated annual average of 366,600 home structure fires from 2007-2011. Seven people died each day in U.S. home fires, on average, and older adults were the age group most likely to die in a home fire.
U.S. Fire Administration statistics show that between 2007 and 2009, about 5% of all fires in one- and two-family residences originated in the garage. Although these statistics may only show that one out of 20 residential fires originated in the garage, the contents of garages may very well result in fires that cause greater damage, and present greater challenges to the fire department than other types of residential fires. At the same time, fires that originate in garages may take longer to be detected by occupants of the home, and thus grow larger than a fire that originates in other areas of the home.
There are several ways that the Lex FloodReady endorsement can save your client money in the event their home suffers flood damage.
In the event of a future claim after your client has used the Lex FloodReady coverage to replace damaged material with FEMA recommended flood damage resistant materials they may avoid damages that would save them the deductible on their flood policy of $2,000 or $5,000.
In the event of a future claim after your client has used the Lex FloodReady coverage to replace carpeting with FEMA recommended flood damage resistant materials, your client will avoid unrecoverable depreciation for the normal wear and tear of the carpeting, which is not covered by a flood policy.
Most importantly, studies show that homes that have suffered previous flood damage have lower resale values than homes that have never flooded. If your client's flooded home has been repaired with FEMA recommended flood damage resistant materials there is a good possibility that their home’s resale value will be higher than a comparable home that has flooded and replaced their damages with materials that are more easily damaged from future floods. This risk mitigation will put a new buyer’s mind at ease, and this could mean as much as a $25,000 difference in the resale value of your client's home.
Studies show that EnergyStar rated homes in California have a nine % higher resale value that comparable homes without the EnergyStar certification.
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