Flood insurance for FL businesses

Florida Commercial Flood Insurance

A good commercial flood insurance policy should not only help clean up after the storm, but also the preparation beforehand.

The National Flood Insurance Program (NFIP) was passed by congress in 1968 and is managed by the Federal Emergency Management Agency (FEMA). Business owners in Florida may want to consider purchasing a policy, depending on risk level. Factors like building construction date, Base Flood Elevation and Flood zone help determine insurance premiums. If your business is 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.

The NFIP sets rates for all the lending insurance companies in the country. So, no matter what agent or company you choose, the rate will be the same for your property. National Flood Services (NFS) is an administrator for insurance carriers participating in the NFIP. Their website has several helpful tools including a flood risk map and a loss calculator.

The Summary of Coverage for Commercial Property has general information about deductibles, what is covered by flood insurance, and personal property damage. It is important to note that building and contents policies both have separate deductibles. In the event that a flood damages both a building and its contents, both deductibles will apply. The standard waiting period between when a policy is purchased and when coverage starts is 30 days.

For more information about reducing your risk of losing your business due to flooding, visit FEMA’s website.

Boyer Law Firm, P.L. practices preventative business law. We can provide risk management, contingency plans and reviews of your business’s contracts and forms. Additionally, we can give you reliable referrals to insurance professionals.

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