Many of us don’t have flood insurance even though we might need it, and many of the people looking to get flood insurance might not understand exactly how it works. If you live or have a business in a high flood area, you should think about getting coverage. Here are some of the basics about flood insurance to get you started.
What does Commercial Flood Insurance cover?
Commercial Flood Insurance helps protect your business from the damage costs that come from floodwater. A commercial flood insurance policy will not only protect the location of your business but also the physical contents and assets. A commercial flood insurance policy is designed to protect your business if your floors, walls, ceilings, equipment and fixtures as well as furniture, inventory and business property sustain floodwater damage.
Call today to get a quote and find out how easy and affordable it is to add flood insurance protection to your portfolio of business coverages.
Do I need Commercial Flood Insurance?
If your business property insurance doesn’t cover flood damage – and most don’t – you should consider adding a commercial flood insurance policy. Start with a commercial flood insurance quote. Even if you live in an area that doesn’t flood, you’ll need a policy if:
- You run your business in an area that has cold, snowy winters and warm springs. Fast melting snow is one of the top causes for commercial flooding.
- You run your business out of an office complex. If there are business offices that are located above or to the side of your business, a leaky pipe could cause floodwater damage to your office.
- You experience moderate rainfall during the year. Even with moderate rainfall, a drain could become clogged and eventually overflow into your place of business and cause flood damage.
How does a Commercial Flood Insurance Policy work?
Flood insurance from The Hartford is provided through the National Flood Insurance Program (NFIP), managed by the Federal Emergency Management Agency (FEMA).
Typically, the government requires a 30-day waiting period on new flood insurance policies. So it’s important to buy a commercial flood policy well beforea potential flood event is headed your way.