Do You Need Flood Insurance?

4/16/2022 (Permalink)

While you can't always avoid a flood, there are measures that you can take to protect your business from ruin. Commercial insurance policies that cover flooding are one way to go.

What Are the Stats on Floods?

Despite the danger of floods, many business owners continue to go without flood insurance. This is true even for businesses in coastal areas. That probably comes as a surprise to you, especially when you look at the stats on floods. Here are some facts about flooding that will cause you to think twice about flood insurance:

• One inch of water can cause thousands of dollars worth of damage
  
• Flash floods can carry water around 20 feet high
  
  

How Do You Know if You Are at Risk?

There is a common misconception between low- and no-risk flood zones. Additionally, changing flood maps can take a business from a low-risk area to a high-risk zone at any time. In other words, any business always has a chance of experiencing flooding, so it is best to invest in a commercial insurance policy that covers the damage and the cost of hiring a storm restoration professional for cleanup.

What Are Insurance Options?

The Federal Emergency Management Agency and commercial insurance companies offer flood insurance. Both options will have different coverage choices and associated costs. The key is to choose which one will be best for your business in Weston, FL. Be sure to understand the costs, coverage, and fine lines of any policy before deciding.

How Can You Save Money on Insurance?

As with most insurance types, how much you pay for your flood policy depends largely on your risk factor. To save the most money on insurance, compare several policies, go for a high deductible, and maintain continuous coverage on your business.
Floods can do serious damage to a business. Understanding the threat, options for insurance, those from private companies and FEMA, and how to save money can help you choose a policy to protect against this damage.