If it makes you feel better, there are contexts where your right to privacy should be suspended too. If the police see you kidnap a child and put him in your underwear drawer, it seems like there should be a procedure for them to violate the privacy of your underwear drawer without needing to call a judge.
And if there were 10,000 privacy violations nationwide and all of them were well-documented emergency circumstances, I'd hesitate to even call it a problem(or at least, not a problem with the police's behavior; there's clearly a childnapping problem).