Typically, there’s a 30-day waiting period from date of purchase before your policy goes into effect. How long does it take to get flood coverage?Ī.
Flood insurance requirements professional#
To find a local insurance professional who is familiar with the National Flood Insurance Program, contact the NFIP at 88 for an agent referral. However, NFIP coverage can only be purchased through an insurance professional you cannot buy it directly from the federal government. Flood insurance is available from the NFIP and some private insurers. Is your business located in or near a flood zone? (Flood map search tools can be found online.) In what part of the building is your businesses equipment and inventory located? Anything housed on a lower floor, for instance, will be at greater risk. Location is the most important factor for weighing your risk for flood damage. How do I determine my risk for flood damage?Ī. If your commercial property is located in a high-risk flood area and you have a mortgage from a federally regulated or insured lender, you are required to purchase a flood insurance policy. Financial losses caused by business interruption or loss of use of insured property are also not covered. In addition, flood insurance will not cover damage to your business vehicles, but this can be included in the optional “comprehensive” portion of your business vehicle insurance. For instance, landscaping and septic systems will not be covered. Property outside your building generally will not be covered. Generally if water comes from above-for instance from rain or melting snow overflowing gutters and leaking onto your inventory-you’ll be covered by your standard commercial property insurance. To be considered a flood, waters must cover at least two acres or affect two properties. This includes losses resulting from water overflowing rivers or streams, heavy or prolonged rain, storm surge, snow melt, blocked storm drainage systems, broken dams or levees, or other similar causes. Flood insurance covers damage to your building and contents caused by flood. Flood insurance is available from the federal government’s National Flood Insurance Program (NFIP). Damage from flooding, including flooding generated by hurricane-generated storm surge, typically is not covered under a standard commercial policy, including a Commercial Package Policy (CPP) or a Business Owners Policy (BOP). Does my commercial property insurance include flood coverage?Ī. Frequently asked questions about flood insurance Q. This Q&A will help you understand this type of coverage and determine whether your business needs it. While damage caused by some types of natural events-such as lightning or wind-will usually be covered by commercial property insurance, you need a special policy if you want protection from flood damage. Natural disasters can be devastating to businesses.
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