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3 Reasons You Need Commercial Flood Coverage

7/7/2021 (Permalink)

roof collapsed in a commercial building Roof damaged by a storm in a West Jordan, UT home
You have worked hard to build your business in West Jordan, UT, and it's important to protect the investments of both your time and your money. A solid commercial insurance package can make sure that you are covered. Part of that package should include flood insurance. While you hope you may never need to use it, you will be glad to have it in the event that it becomes necessary.

Extensive Damage

Flood insurance can pay for repairs to your building and the items in it if an event such as a natural disaster or storm causes it to be flooded. Some things covered by many flood policies include:

  • Repairs to walls, ceilings and floors by water remediation experts
  • Foundation repair
  • HVAC system restoration
  • Installed cabinetry
  • Furniture
  • Equipment
  • Inventory stock

Your insurance agent can explain the specific details of what your particular policy covers. It is important to understand your policy so that you can determine if it is going to be sufficient.

Coverage Gap

Flood insurance is important, particularly in areas that are prone to storms or tend to have active storm seasons. Property insurance typically does not cover flood damage that results from floodwaters caused by storms. No matter how great your commercial property policy is, therefore, it leaves your building unprotected in the event of a natural disaster. A flood policy closes that gap.

Legal Requirements

If your business is located in an area that is considered high risk for flooding, you may be required by law to have a flood policy. Federally insured mortgage lenders want to lower the risk they take on insuring your property. If you have a mortgage with a federally regulated lender, you are likely required to include a flood policy in your commercial insurance portfolio.

If you are in an area that is at high risk for flooding, play it safe by purchasing flood insurance. You may never need it, but if your building floods, you'll be glad you have it.

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