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Does Everyone Need a Flood Policy?

Lenders require that properties in designated flood zones be covered by flood insurance. But owners of property not in a designated flood zone should not be lulled into a false sense of security.

Many businesses are susceptible to damage caused by floodwater or mudflow, even when they aren't in a flood-prone area. Costs associated with such damage are usually insurable only under a flood insurance policy.

For most commercial properties, a standard flood policy through the National Flood Insurance Program (NFIP) offers maximum limits for commercial enterprises of $500,000 for the building and $500,000 for contents. Additionally, an NFIP policy provides no business interruption coverage. If you suffer a loss due to flood, the lost income during the time of repair is not covered and would also be excluded under your commercial property policy.

If you own business property, it is important to note that the standard NFIP policy is often not sufficient. If you need more than the maximum coverage NFIP offers, your agent can assist you in purchasing more through the non-governmental, or private, marketplace.

Commercial Property InsuranceCommercial Umbrella Insurance, Flood


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