Extreme climate has become the norm across the United States, with record-breaking temperatures and unexpected disasters happening yearly.
Both legislators and the insurance industry keep up with these changes by adding or expanding law provisions. Policies like AB 2238 and SB 852 help improve protection for all consumers against severe calamities.
As new developments emerge, business owners can also take measures to help secure their livelihoods with climate insurance, including:
- Learn about the risks in your area. Take advantage of flood disclosure laws and publicly accessible risk calculators to know more about your location.
- Invest in preventive measures. Implement wet and dry floodproofing as needed. You should also look at wildfire risks in your area and install fire-grade materials based on your findings.
- Join resilience programs and projects. Communities have strategies for evacuation and resource distribution. Aside from learning about the safeguards in your area, you can participate and pick up tactics you can implement in your business.
- Look for insurance providers with offerings that match your needs based on new risk rating systems. Getting the appropriate insurance coverage protects your business from disasters.
As more changes happen over time, these steps can help you keep pace as the government rolls out new climate-related updates.
Getting catastrophe insurance
Some circumstances may require you to get homeowner’s insurance. It can protect you from specific incidents, but you can ask your provider to extend this provision to include catastrophe insurance.
This coverage addresses climate and location-based risks, such as hurricanes, floods, earthquakes, tornadoes and other calamities.