Today’s Flood: How Does It Affect Your Home Business

Some people in New York City were awaken this morning to a torrential downpour that caused major delays. However, if you are a freelance or home-based business, you may not have had to deal with a commute, but maybe other damages and financial loss occurred.If you own your home, and don’t have flood insurance, then get it now. FEMA sets the rates for flood insurance and premiums are low. Check out FloodSmart.gov to  estimate your premium and find an agent.

If you don’t own but experience business loss, then make a estimate of the loss and record it now as an expense. Any receipts relating to the expense (i.e., Home Depot) should be recorded. Then talk to your CPA or tax professional about how to submit for tax purposes.

clipped from home-equity.interest.com Flood insurance: Get it before you’re soggy More than 200,000 people from Maryland to New York were forced from their homes last summer after torrential rains sent rivers and streams flowing well beyond their banks. How many of those victims protected the equity in their homes with flood insurance? And how many faced big financial losses because they didn’t? The fact is, most homeowners only get flood insurance if their mortgage companies force them to buy it.