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Flooding is the nation’s most common natural disaster and can cause more damage to property than hurricanes or tornadoes. If you are a small-business owner and are located near a body of water such as a stream, river, lake, ocean, levee or dam. now is the time to review you flood insurance needs.
Flood insurance through the National Flood Insurance Program (NFIP) provides valuable coverage for your building as well as furniture, machinery, stock and other property used for your business.
Types of flooding
According to the Insurance Institute for Business and Home Safety (IBHS), a nonprofit insurance industry research organization, there are four major types of flooding:
In terms of structural integrity, the depth of floodwater is particularly important to note. The IBHS states that floodwaters that go beyond three feet may crack masonry and other foundation materials, potentially impacting the structural integrity of a building.
How should I protect myself? If your business is in a high flood risk area and there is a mortgage from a federally insured or regulated lending institution on the property, flood insurance is usually required by the lender. If you are not is a high flood risk area, purchasing flood insurance can prove to be a wise choice. According to the I.I.I., few commercial property insurance packages cover flood or water damage. In addition, floods can happen in all areas including areas deemed to be ‘safe’ from flooding. If your business is in the general vicinity to a body of water or your area is prone to heavy rain fall, a flood policy can be the protection you need.
The Federal Emergency Management Agency, in collaboration with insurance companies involved in their NFIP Write Your Own program offer flood coverage to business and property owners across the country. If you are interested in learning more about the coverages offered by the NFIP please contact your insurance agent today to get a flood insurance quote.
Visit selectiveflood.com for additional information.
Flood insurance through the National Flood Insurance Program (NFIP) provides valuable coverage for your building as well as furniture, machinery, stock and other property used for your business.
Types of flooding
According to the Insurance Institute for Business and Home Safety (IBHS), a nonprofit insurance industry research organization, there are four major types of flooding:
- Rising water from melting snow or large drifts of ice.
- Fast-moving water from overflowing rivers, in which case the water's lateral force is the most destructive aspect.
- Levee or dam breaches, which release held-back river or ocean water.
- Flash flooding resulting from extensive rainfall all at once and severe thunderstorms that linger or tropical storms moving inland.
In terms of structural integrity, the depth of floodwater is particularly important to note. The IBHS states that floodwaters that go beyond three feet may crack masonry and other foundation materials, potentially impacting the structural integrity of a building.
How should I protect myself? If your business is in a high flood risk area and there is a mortgage from a federally insured or regulated lending institution on the property, flood insurance is usually required by the lender. If you are not is a high flood risk area, purchasing flood insurance can prove to be a wise choice. According to the I.I.I., few commercial property insurance packages cover flood or water damage. In addition, floods can happen in all areas including areas deemed to be ‘safe’ from flooding. If your business is in the general vicinity to a body of water or your area is prone to heavy rain fall, a flood policy can be the protection you need.
The Federal Emergency Management Agency, in collaboration with insurance companies involved in their NFIP Write Your Own program offer flood coverage to business and property owners across the country. If you are interested in learning more about the coverages offered by the NFIP please contact your insurance agent today to get a flood insurance quote.
Visit selectiveflood.com for additional information.
