Flood Insurance for Commercial Buildings

3/24/2022 (Permalink)

About 25% of businesses do not reopen after a disaster. One of the most common disasters that can affect a business is a flood. 98% of counties in the United States have been impacted by a flood event. There are some steps that you can take to help prevent your business from being part of that statistic. For example, you can get flood insurance. According to FEMA one inch of water can cause over $25k in damage to your home so, imagine the costs when your business is involved. SERVPRO of Greenwood understands that recovering from a loss like that can be difficult and want to make sure that we can help our community members to better understand their options and how they can get help.

Most standard commercial insurance policies do not cover flood losses. Flood insurance is offered through the National Flood Insurance Program (NFIP, run by FEMA. It is important to note that the NFIP does NOT sell flood insurance. You must purchase the insurance through your insurance provider. The rates for these programs are set by the NFIP and a dependent on whether you live in a flood plain, the risk of flooding in your area, the building’s age, and the building’s construction.

There are two kinds of flood insurance. Building property insurance covers the actual building, and personal property insurance covers the contents inside of the building. The NFIP recommends that you get both policies. Be sure to plan ahead and don’t expect to be able to get coverage immediately before a potential disaster event because there is a 30-day waiting period before your policies will go into effect.

SERVPRO of Greenwood cares about our community and we want you to be protected! Be sure to reach out to your insurance agent to discuss with them your coverage options for flood insurance. Should your place of business suffer from flood damage our team of professionals are ready for your call, and we can work directly with your insurance provider to help make the already difficult process of recovering from a disaster as easy as we can.