Your business will likely be put on hold during and after a flood. Does flood insurance cover business interruption? Building coverage will also protect appliances and permanently installed carpets, wall paneling, cabinets, and staircases. Under the National Flood Insurance Program policy, property owners with building coverage can expect their electrical, heating, and water heater systems to be covered. In this case, a comprehensive flood insurance policy will protect you if your building or contents are damaged. Flooding can happen if a pipe bursts on the street and the water floods into your building. If there is a natural disaster like a hurricane, large storm surges can breach levees creating greater opportunities for flooding. The NFIP’s General Property Form offers commercial policyholders the following coverage:įor businesses, “personal property” describes the contents of your business.įloodwater can cause all sorts of damage. Yes, the National Flood Insurance Program covers commercial floods and ensures that business owners, homeowners, and renters have help when they need it most. The insurance agent will also discuss a deductible and other types of policies like contents coverage to protect any items in the building that wouldn’t be covered under flood insurance. They will then discuss what type of property coverage you may need if your property is flood-prone and what can happen if your property is damaged by floodwater. The best way to calculate the amount of commercial flood insurance you need and what is needed in a flood insurance policy is to consult with an insurance agent.Īn insurance agent will research if you are in a high-risk area for flooding or a flood zone. Your lender may require flood insurance coverage during the mortgage process if your property is in an area considered a flood risk.Ĭommercial flood insurance premiums can cost a few hundred dollars a month up to several thousand dollars a year. For the most comprehensive flood insurance policy and rates for your area, it’s best to shop around with different insurance companies. The cost of flood insurance is minimal compared to the safety and peace of mind it can provide for business owners. Depending on the size and value of the property, the cost of a flood insurance policy will vary.īefore selecting a flood insurance policy, make sure you know what will and won’t be protected. Having flood insurance along with your commercial property insurance is necessary to protect against flood damage.
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