4 Reasons Your Business Should Have Flood Insurance

11/22/2019 (Permalink)

Most homeowners’ and renters’ insurance does not cover flood damage

A Few Reasons Why You Might Want To Purchase Flood Insurance

If you own a building in Salina, KS, then you probably have some form of insurance for it. You might think that having a basic policy is enough to protect your business, but this isn’t always the case. If you don’t already have flood insurance, here are a few reasons why you might want to purchase this additional policy.

1. Storms Can Be Unpredictable

Even if it doesn’t flood much in your area, that doesn’t mean that it won’t ever happen. Because you can’t predict everything that will occur during severe weather, it’s a good idea to be prepared for a variety of situations. Flood insurance can help you do that.

2. Repairs Can Be Costly

Not only can flood water affect the structure of the building, but it can damage a lot of the items inside as well, such as electronics, furniture and artwork. Because flood water is contaminated, everything will need to be cleaned and sanitized. Without insurance, you could end up paying a lot for these repairs.

3. It’s Not Included in Your Basic Policy

You might think that you don’t need insurance specifically for floods if you already have a commercial insurance policy. However, most companies don’t include floods in their basic policies. Because flood repairs can cost the insurance company a lot of money, you will need to purchase an additional policy to cover this kind of damage.

4. It Might Be Required

Depending on your situation, you might not have a choice about whether or not to purchase an additional policy. If you live in an area where floods occur often, it might be a requirement. This will likely be the case if you have a mortgage from an insured or federally regulated lender.
If your building is damaged during a flood, the needed repairs can end up costing your business a lot of money, but purchasing a flood insurance policy can help. With this additional policy, the costs of having a cleanup and restoration service perform remediation on your building will be covered.