Is There Extra Flood Protection Available for a Commercial Building?

8/28/2018 (Permalink)

Drying equipment on a construction project in Ridgefield, CT

Is your commercial building in Ridgefield, CT, ready for potential floods brought on by storms? While no one wants to deal with flooding, having a commercial insurance policy that helps pay for some of these damages can make you sleep easier at night. However, not all commercial policies cover every source of a flood. Use this quick guide to better understand what you can do to protect your property.

Learn About Your Policy

Call your insurance provider today to learn about your current flood policy. Many commercial coverages are limited by the source of the water, but it does depend on your unique policy and where you get your coverage. Some may even have a coverage cap. Depending on your insurance provider, you may have to work with a special commercial damage repair team after a storm affects your space. As you learn about your policy, you may find that you're not as covered as you thought.

Consider the National Flood Insurance Program

Thankfully, you may be able to get extra coverage from outside of your insurance provider to supplement your commercial insurance. The NFIP is offered through the Federal Emergency Management Agency to help business owners stay on their feet after a disaster. The NFIP offers the following benefits:

• Helps pay for structural damage.
• Damaged items are assessed before payout to ensure you get a fair price.
• Has different deductibles available to better fit your needs.

The extra flood protection from FEMA can give you peace of mind during storm season. As you learn more about the program, you may find out that you can get a building property and personal property coverage. This allows you to protect every aspect of your business if needed.

Commercial insurance is an important part of owning a property. Unfortunately, even with an insurance policy you may still be liable for some of the damages caused by storms on your own. Adding extra protection through FEMA can give you peace of mind.