The Benefits of Flood Insurance

4/9/2020 (Permalink)

You also need flood insurance for your business

3 Benefits Of Having A Separate Flood Policy

A heavy storm can cause significant damage to your commercial property in Gladstone, MO. You don't want to wait until a storm is on the horizon to think about how you are going to pay for the damage repair. Basic commercial insurance policies for your business aren't enough; you also need flood insurance. Here are three benefits of having a separate flood policy.

Larger Scope of Coverage

When your building floods after a storm, the extent of the repairs it needs can be vast. A flood policy is specifically designed to cover the cost of storm damage mitigation:

• Water extraction
  
• Debris removal
  
• Wall, ceiling and carpet replacement
  
• Foundation repair
  
• Equipment repair or replacement
  
• Electrical, HVAC and plumbing cleanup
  
  

As soon as you know your building has damage, schedule a consultation with local flood mitigation experts. They can tell you the scope of the repair and work with your insurance company to get the support you need to complete the repairs in a timely manner.

Set Cost of Premiums

Owning property comes with certain expected expenses. A common concern of many business owners is how much an additional commercial insurance policy is going to cost. In communities that participate in the National Flood Insurance Program, flood coverage is backed by the federal government. The NFIP sets the premiums for FEMA flood policies, not the individual insurance companies that provide the coverage. If you are in a low-risk area, you may qualify for a policy with a lower premium. Even if your building is in a flood plain, however, you can rest assured that your premiums will be kept in check.
Don't wait until a storm is on its way to get the commercial insurance coverage you need for your building. By making room in the budget for a flood policy, you can save your company a lot of money in the event of a catastrophe.