What You Need to Know About Flood Insurance

2/19/2021 (Permalink)

Read On To Learn More About Flood Insurance

The recent spike in hurricanes had made business owners aware of the dangers of flooding. However, it doesn't take a hurricane to flood your home. Many natural disasters can cause flooding. When this happens, you have to pay storm restoration professionals to fix the damage. This makes many business owners wonder if they need commercial insurance that covers flooding. The answer to this is yes. While it may not reduce your risk for flooding, having this insurance can prevent a financial crisis.

What to Know?
In recent years the number of businesses with commercial insurance policies that cover flooding has declined. In fact, flood insurance has become rare. This is shocking, especially since no one is safe from flooding. Here are some facts about flooding you should know:

• One inch of standing water can cause thousands of dollars in damage.
• Flash floods can raise water to twenty feet.
• Six inches of moving water can carry away an adult.
• Water moving at 10 mph can do more damage than hurricane-force winds.
• Flooding can occur outside of flood plains.
• If your business floods, you could wind up with damage costing more than your building's value.
• Flood insurance is required for businesses in high-risk areas.
  
  

Are You at Risk for a Flood?
Many people mistake low-risk areas as meaning flood-proof. But flood maps are fluid, and the zone can change, your low-risk zone could become a high-risk area. Fortunately, it is easy to find out what your current zone is. All you have to do is look at the FEMA flood maps, which are updated annually. These are the same maps commercial insurance companies look at when determining the costs for policies that cover flood damage.
As many people have seen, you don't have to be in a flood zone to face flooding. Fortunately, having a flood policy in place can give your business the boost it needs to survive a disaster.