3 Facts That Will Make You Want To Buy Flood Insurance
Is Flood Insurance Good For Your Business
If your business has a high risk of flooding, your commercial insurance agent has probably already talked to you about flood insurance. However, those who live in low- and moderate-risk zones on the FEMA maps can also purchase policies. If you're in these lower-risk areas, you're probably wondering if the cost is worth it. Even though some policies can be steep, paying for a storm restoration company can be even higher. Here are some facts you can use to decide if flood insurance is a good option for your business in Pleasant Ridge, TN.
1. Property Insurance Doesn’t Cover Storm-Related Flooding
Standard commercial insurance only covers water while it is in the sky or leaking from your pipes. In other words, it's not going to pay for flood damage. For instance, they will cover water damage from a window that broke during a storm. However, your insurance will not cover damage from the rising creek behind your office buildings. That can leave you paying for a lot of damage even though you have property insurance.
2. Your Business Is at Risk of Flooding
It's more how much, not if. Flood maps tell you your business's risk of flooding. In short, zones V and A have a high risk. Zones C, B, and X are moderate- to low-risk. Zone D hasn't been mapped yet, although there is still a risk of flooding.
3. Government Aid Isn’t Free
The majority of government aid for businesses is loans that you need to repay. Plus, you have to live in a federally declared disaster area to get this money, meaning buying a commercial insurance policy is a better option.
Buying a flood policy is your only chance to protect your business. Without one, you could be facing steep monetary losses for cleanup costs. On top of this, you would have to replace any damaged items associated with the flood. This can add to your losses. Crippling totals can bring your business to its knees. To protect yourself against this, you need to add flood insurance. This small step can do great things for protecting your business.