Flood Insurance for Businesses
Flooding is the most common natural disaster. Just a few inches of water can cause tens of thousands of dollars in damages... which property insurance might not cover.
Property insurance typically doesn’t cover flood damage to your business. While flood insurance may be required in high-risk areas, even if you’re not in a designated floodplain, your property could still be vulnerable to flood damage.
What Flood Insurance Covers
A flood insurance policy compensates homeowners, renters, and business owners for all covered losses, and, unlike a federal disaster loan, money from a flood claim does not have to be repaid. As long as your community participates in the National Flood Insurance Program, you can buy flood insurance. It doesn’t matter if you live in a high- or low-risk area. You can also get flood insurance if your house has been flooded before, even if your mortgage doesn’t require it. If your property is located outside of the high-risk Special Flood Hazard Area, it could qualify for the lower-cost Preferred Risk Policy, which provides flood insurance at the best price. If you have any flood questions, please e-mail: gga@germaniainsurance.com. Don’t wait until the last minute – there’s a 30-day waiting period for flood insurance.
