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Most business owners think their basic business insurance will pay for flood damage; it will not. A flood is considered “rising ground water.” Flood insurance provides protection for destruction and financial devastation caused by floods. Even a few inches of water can cause serious damage resulting in thousands of dollars in repair and equipment replacement costs. Basic commercial insurance does not cover floods. Purchasing a flood insurance policy through Avery Hall can protect you.
Flood coverage offers protection against losses that result from heavy and lengthy rain falls, storm surges, blocked storm drainage systems, snow melts, etc.
There are two types of policies that are available based on your business or organization’s location and flood history:
Standard Flood Insurance Policies
If your business is located in a community that participates in the National Flood Insurance Program (NFIP), your building and its contents can be covered by a standard flood insurance policy. The NFIP was established by the Federal Government to help communities who “voluntarily participate in the NFIP by adopting and enforcing floodplain management ordinances to reduce future flood damage.” To be considered a flood, the waters must cover at least two acres or affect at least two properties. You must apply for building coverage and contents coverage separately if you choose to invest in a standard flood insurance policy.
Preferred Risk Flood Insurance Policies
If your business is in a low or moderate risk zone, your building or business may qualify for a low-cost preferred risk policy. While you aren’t required to purchase flood insurance in low-to-moderate risk areas, a preferred risk policy will protect your business or organization and its contents if you are affected by a small flood or a larger flood that has extended into your low-risk area. In truth, many flood insurance claims occur in low-to-moderate risk areas.
Don’t wait until it’s too late! Contact us today to learn more about your flood protection options for your business or organization with an affordable and comprehensive insurance policy.