A flood occurs when water covers at least two acres of land that is typically dry and affects at least two properties. Floods are caused by water from bodies or courses of water. Most standard commercial insurance policies do not include coverage for flood damage. Here are three factors to consider when determining whether your business needs flood insurance.
1. The property is situated in an area with a high flood risk. If you own a commercial property in an area that is prone to flooding, it is a good idea to protect your investment with both commercial and flood policies. If you are unsure whether a property is located in a flood zone, refer to a flood map. Keep in mind that businesses on lower floors of buildings in these areas run the greatest risk of flooding.
2. Your commercial insurance policy does not have flood endorsements or riders. Commercial policies tend to cover general damage that results from storms, but do not cover damage caused by flooding. Specialized flood policies, on the other hand, typically do not cover property outside the building itself, such as the grounds or septic system. You may want to consider a policy from the National Flood Insurance Program or a private insurer and add comprehensive commercial coverage that will protect your property from as many risks as possible.
3. The mortgage on the property is from a federally-regulated or insured lender. The government requires owners of properties located in flood zones to purchase and maintain flood coverage. Contact an insurance agent that specializes in providing this type of insurance.
If one or more of these factors are true of your commercial property in Tampa, FL, you should strongly consider obtaining flood insurance. If your property sustains flood damage or water damage more generally, contact a commercial damage restoration firm as soon as possible.
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