In the United States, there are 15 million properties that are at risk of flooding. When you own a company in a high-risk flood area, it is vital that you have a good insurance policy to protect your business from this deadly natural disaster.
Learn more about the benefits of getting a flood insurance policy for your business, and how you can be protected if the unthinkable happens.
Flood Policies Protects Property
The biggest benefit of purchasing a flood insurance policy for your business is that it protects your property. Commercial Real Estate is a significant investment and should be protected against all elements possible, especially in Florida.
It is likely one of the biggest investments you will make in your entire life. If you work in an area with a high risk of flooding and you do not have insurance, you could lose your property after a natural disaster.
Flood insurance can pay for damage to permanent parts of your business, including your walls, floors, and contents caused by rising water.
Depending on the policy you choose, you can have coverage for the structure of your property as well as your business personal property. If your property is damaged in a flood, you will be able to protect your business assets as well as have repairs remedied and get back to business as usual.
Gives Peace of Mind
Even if your business never floods, having flood coverage as part of your business insurance plan will give you peace of mind. FEMA says that 1 in 4 businesses never recover after a natural disaster and you do not want to be a part of that statistic.
Things like natural disasters and flooding can be unpredictable. If you are caught in a flash flood, you could face serious damage to your property and everything that is inside.
Without flood insurance, you will be stressed or worried every time there is a storm approaching. When you purchase flood insurance, you will not have to worry about potential storms causing damage.
This is especially important for places that have frequent storms and an annual Hurricane Season, like Florida. By making sure you are fully covered, you will have peace of mind in running your business.
Provides Financial Protection
As mentioned before, flooding can cause serious damage to your property. In fact, one inch of water from floods can cause $25,000 in damage to your business.
Water damage can ruin carpets, drywall, and can even cause structural damage to your building.
With more serious floods, you could lose your entire property. Without proper flood insurance coverage, you will have to pay for each of these expenses out of your own pocket.
In many cases, this can lead to financial ruin. By paying a small premium each month for flood insurance, you will have financial protection in the event of a natural disaster or flood.
Most flood insurance policies are quite affordable as well. In fact, the average cost of flood insurance is only about $53 each month. In areas with lower flood risk, this cost is even lower.
This is a small price to pay to keep your business property protected from flooding.
Several Coverage Options
Another huge benefit of purchasing flood insurance is that there are several types of coverage options. This means that you can find something that works for your unique circumstances.
Depending on your needs, you can choose different types of coverage and protection. The lower the coverage you choose, the less you will have to pay for your monthly premium.
As mentioned before, you can also find flood insurance to protect the structure of your building, the contents inside, or both. Depending on your needs, you can find insurance policies that fit your budget and coverage requirements.
No Property is Immune to Flooding
Flood insurance is beneficial to everyone because no property is immune to flooding. Floods can happen anywhere, even in areas that are not in high-risk flood zones.
Because no one is completely safe from flooding, it is beneficial to have flooding insurance to keep your properties safe. It is also important to realize that standard business insurance policies do not cover floods.
This is why it is vital to meet with an independent insurance agent to understand the types of insurance policies that your business should have.
It Might Be Required
Flood insurance coverage could be required for business owners in high-risk flood zones if they have a loan. It is required in order to get some federally backed mortgages. This isn’t something to only be concerned about when you purchase the property. FEMA continually evaluates and changes zones. It’s possible that you could receive a notification from your bank that flood insurance is required if the zone of your property changes.
However, even if it is not required by the terms of your loan to have flood insurance, it will still save you tens of thousands of dollars or more should your property flood.
To learn more about if you are required to have flood insurance in your area, you can meet with your insurance agent to discuss the required policies.
Even if your business is in a low-risk zone, you may want to decide whether the cost of your monthly coverage or the cost of flood damage would be easier to pay.
Find a Flood Insurance Policy for Your Business You Are Comfortable With
When your business floods, it can cost tens of thousands of dollars in damage and might even result in the loss of your property. When you buy flood insurance, you are able to protect your business, your property, have peace of mind, have financial protection, and more.
To be sure you are getting the best coverage options, it is important to meet with a reliable insurance agency to make sure you are protected from natural disasters.
If you need Florida flood insurance, Harris Insurance can help. Contact our team today if you want to learn more about your flood insurance options or get an online quote for flood insurance for your business.
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
