Flood Insurance

Floods can cause devastating losses for homeowners and businesses alike. These natural disasters are among the most common across the United States and must be accounted for within your risk management and loss control strategies. Without adequate preparation, the losses arising from even a single flood could lead to catastrophic out-of-pocket costs. As such, your organization must understand and prioritize flood insurance. 

Flood Insurance for Commercial Properties 

 

As its name suggests, flood insurance provides coverage in response to flood-related losses. These policies can be purchased through the Federal Emergency Management Agency’s National Flood Insurance Program (NFIP). Coverage may also be available through private insurers.  

You should understand that commercial property insurance (also known as business property insurance) generally cannot be relied on to provide flood coverage. In most cases, an adequate commercial flood insurance policy includes the following coverages: 

• Building coverage—This may include coverage for electrical and plumbing systems, built-in appliances, windows, foundations, anchorage systems, staircases and permanently installed cabinets and bookcases.
• Contents coverage—This may include coverage for contents of the business such as furniture, electronics, carpeting not included in building coverage and clothes washers and dryers. 

Flood Insurance for Coastal Areas 

 

Certain areas may be subject to more significant flood risks than others. Although inland areas may still need to account for potential incidents, ample coverage may be critical if you are located in a coastal region. Fortunately, flood insurance can generally provide coverage in response to many sources of flooding, including the following: 

• Heavy rain
• Storm surge
• Overflowing bodies of water
• Snow melt 
• Dam or levee failures   

Flood Insurance Requirements 

 

Requirements for flood insurance may vary based on your unique circumstances. If you are a homeowner or business who has taken out a mortgage on your property, your lender may require that you maintain flood insurance. Even without flood insurance requirements, you should strongly consider assessing and addressing your coverage needs. Without an adequate policy in place, a single incident could jeopardize your finances and future. 

Get the Right Coverage 

 

We’re here to help. Florida Coastline Insurance can offer optimal coverage solutions crafted in accordance with your unique circumstances and insurance needs. Our agents have the knowledge and experience to help individuals, families and businesses understand flood insurance and protect themselves with an optimal policy. Contact us today to get started.