Parking garages and basements are a big concern for insurance carriers. From a structural standpoint, they are comprised of enclosed areas, which happen to result in flood damage to not only the building itself and the cars that are contained, but a flooding event can also affect mechanical and electrical equipment. Other vulnerable utility equipment such as ventilation, lighting, elevators, and drainage pumps can also be affected. “We have seen a number of cases lately where property owners have lost thousands to millions in damage. This is one reason why we wanted to help property owners understand their risk and help them to obtain federal funding,” said Stephen Gill, CEO of Flood Risk America and Flood Risk Canada.
Flood Risk America and Flood Risk Canada’s comprehensive analysis will review the structural characteristics of the building. The analysis evaluates the building’s finished floor elevations, location of elevators, equipment (both mechanical and electrical), and compares it with the lowest floor elevation and the base flood elevation. “The relationship between the base flood elevation and a structure’s elevation is what determines the flood insurance premium,” explained Stephen. Many properties may be below, at, or above the base flood elevation. With a comprehensive assessment, clients will begin to understand their vulnerability.
Flood Risk America and Flood Risk Canada have a new analysis to assess the vulnerability, the Property Portfolio Flood Risk Assessment for property owners. This assessment allows clients to review their flood exposure throughout both the United States and Canada. This assessment will assist many property owners in saving money on their flood insurance premiums and deductibles, and also with protecting valuable assets.