Top 5 Commercial Flood Insurance FAQs

9/2/2020 (Permalink)

Purchase now your own flood insurance policy

Study These Top 5 Insurance FAQs

Business owners need to be prepared to handle any type of emergency that they may encounter. One of the best preparedness strategies is ensuring that all of your insurance policies are up to date. While commercial property insurance may cover damage from most natural disasters, you need to purchase a separate flood insurance policy to protect against flood and water damage. Study these top 5 insurance FAQs to help guide you through the process and protect your building in Fairless Hills, PA.

1. What Type of Damage Does Flood Insurance Cover?
This insurance covers water damage caused by any type of flood. This includes overflow from nearby rivers or streams, heavy rains, broken dams, snow melt and all sorts of other scenarios. Most commercial insurance policies consider a flood to be at least two acres of water that covers two separate properties.

2. Are You Required to Purchase Insurance?
If your commercial building is located in a high-risk flood zone, then you are required to purchase the insurance.

3. How Much Coverage Money Can You Get?
Typical insurance policies grant you about $500,000 of coverage for the building, plus another $500,000 for the property inside the building.

4. Does The Insurance Kick In Immediately?
No, it does not. Most insurance policies involve a 30-day waiting period. It's vital that you purchase your insurance as soon as you can, just to be safe.

5. Does The Insurance Policy Cover Mold Damage Too?
This typically is determined on a case-by-case basis. A crew has to determine that the flood itself was responsible for the mold growth. Pre-existing mold problems are not covered.
It's incredibly important that all commercial business owners purchase a flood insurance policy, especially if their building is located in a high-risk flood zone. Water damage can often lead to subsequent issues, and you want to ensure that you aren't paying completely out of pocket to resolve these problems. Contact your local flood remediation experts for more information.