Paul Davis National is the specialized commercial and large loss division of
Paul Davis. For over fifty years, Paul Davis has been a leader and innovator in
the insurance restoration industry and is widely recognized as a top provider of
restoration services. Paul Davis National is proud to serve commercial property
clients with disaster planning and recovery services throughout North America. No
job is too large for Paul Davis National, an insurance carrier-trusted source before,
during, or following an event.
in most areas, Van Den Heuval said.
Cincinnati offers high value home
insurance customized for high-end
properties with deductible options
up to $500,000. Many excess policies
cover flood and multiple risks for
primary and vacation homes with
coverages up to $5 million for
structures and $2 million for contents.
Despite the availability of coverage,
Williamson, CEO, Vault Insurance.
High net worth individuals can be just
as price sensitive as general consumers,
and many have raised their deductibles,
lowered coverage or even gone without
coverage at all.
“The discussions are the same, the
numbers are just larger. They might
wonder why they’re paying $100,000
per year for hurricane insurance
when they haven’t had one in years,”
MOVING BEYOND INSURANCE
Many municipalities update building
codes after major events to reduce the
risk of damage in the future. Dade
County in Florida imposed signficaint
building codes in 1994 after Hurricane
Andrew, and the rest of the state
followed suit between then and 2002.
While those codes are some of the
most rigid in the country, they’ve been
credited with reducing damage in
subsequent storms. Yet in parts of the
Northeast, such as Long Island, there
aren’t any particular hurricane building
“It’s very much market by market
depending on elevation and how the
home is built,” Williamson said.
Flood policies are usually based
strictly on flood zones and elevation
of the home, but other variables can
come into play in the private market.
Most high net worth homeowners buy
a FEMA policy first and then purchase
excess coverage in place to fill the gap,
Increasingly sophisticated mapping
and pricing technology is enabling
excess coverage carriers to better price
risks depending on elevation and
design, meaning many policies can be
priced on a house-by-house basis.
“But ultimately, the closer you are
to the water, the more expensive it
becomes to the point where customers
may do the calculation that it’s just not
worth it,” Van Den Heuvel said.
High net worth homeowners
are also taking measures beyond
flood insurance. New construction is
putting homes higher above sea level.
Mechanical equipment, such as HVAC
units and hot water heaters, are being
placed on higher floors. And in Florida,
many beachfront coastal homes now
have “floodable” first floors used for
parking and patio space with livable
space placed high enough that most
storm surges can run beneath the home.
There are also inflatable water
barriers that can be used to keep out
floodwaters up to three feet high.
Innovative yet expensive designs can
also reduce risk. In “dry floodproofing,”
walls, doors and windows are made
watertight to keep water entirely out of
With “wet floodproofing,” the
building is designed to let water flow
through the building and minimize
damage by moving power outlets up
the wall. Whereas flood risks can’t
be fully eliminated, homeowners can
reduce the cost of potential damages.
“There are so many things that
people can do. We’re trying to change
the mindset that all they can do is
buy insurance. There’s plenty to do to
minimize the losses, and it’s necessary
given the frequency of disasters,”
Lindsay said. &
CRAIG GUILLOT is a freelance writer based
in New Orleans. He can be reached at