Why a Flood Policy is a Wise Investment
6/14/2018 (Permalink)
If your commercial building is located in an area prone to flooding, whether or not you should have commercial flood coverage should not even be a question. However, many people assume that commercial insurance covers damage from disasters such as floods, an assumption that could end up costing them hundreds of thousands of dollars in the long run. Most commercial building insurance policies do not cover damage caused by floods, even if that same policy covers water damage caused by a burst pipe or leaky roof. If you want to reduce the financial impact of a flood as much as possible, look into a flood policy. There are several good reasons to do so:
• Floods are the nation's most common natural disaster, and they often result in millions of dollars of damage each year.
• Your commercial building policy likely does not cover flood damage.
• More than 20 percent of flood claims come from buildings outside of high-risk flood zones.
• You may be required to carry flood insurance, regardless of where your building is located.
How To Buy Flood Insurance
If you're interested in adding flood coverage to your commercial insurance policy, talk to your Stillwater, OK, insurance agent about doing so. Bear in mind that some insurance companies do not provide flood insurance. If that is the case, reach out to FEMA for a list of agents that do offer the desired coverage.
Before investing in a policy, ask the provider about what is and is not covered by the policy. Also, talk to your local flood damage restoration team about what type of coverage in which you should invest. A professional restoration team may know more about risks and exposures than your agent.
Most flood policies come with a 30-day waiting period, so don't wait until the height of storm season to start shopping. Talk to your commercial insurance agency today about tacking on the policies you need to protect your business. For more information, visit http://www.SERVPROstillwaterguthrie.com/.