The National Flood Insurance Program defines "flood" in the following manner: "A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is the policyholder's property) from:
Flooding can happen anywhere and, given the description, is not restricted to those who operate a business in close proximity to a body of water. We have all seen the devastation caused by mudslides, taking hillsides and mountain sides barreling into business structures. Rapid accumulation of water can occur easily with inadequate or overloaded drainage systems or in areas of new construction where, even with best intentions, the land levels have been altered in such a way to tamper with the land's ability to drain properly by causing diversion of runoff paths.
Your business policy no doubt provides excellent coverage, but NOT FOR FLOOD. Floods and flash floods occur in all 50 states; just an inch of water can cause extensive damage to your property and government aid only becomes available if the President makes an official disaster declaration (note that only half of all flooding qualifies).
What are the maximum coverage limits of a Standard Flood Policy?
Habitual / Apartment Buildings Over 4-Units
Business / Non-Residential
What if the maximum coverage provided by a Standard Flood policy is not enough to rebuild my home or business?
Excess Flood Insurance coverage can be purchased and can increase your coverage for your Business Structure can be increased up to an additional $500,000 - covering up to $1,000,000 and more.
Contents coverage for your business can also be increased up to $100,000 above the maximum contents coverage provided by a standard policy (for a total of $200,000 up to $600,000 for a business structure).
Can I wait for a flood warning before I buy a flood insurance policy?
Waiting until there is a flood warning to purchase flood insurance coverage is not a good idea, especially since most new flood policies have a 30-day waiting period. However, there is usually no waiting period for flood insurance when it's in connection with making, increasing, renewing or extending a loan.
What can a flood policy include?
What building occupancies can be insured?
This is invaluable protection and, depending on your "flood zone" (we all live in one, whether in a hazard or non-hazard determination) one of the most affordable insurance policies around. Note: There is a 30 day waiting period on most new flood policies (exception those required to obtain on new/refinanced loans) so don't get caught without!
We at Fuller Insurance Agency are here to assist you in obtaining coverage to protect your business and your assets.
Remember, it's our business to protect your business!