The Main Benefits of Flood Insurance
Most business owners don't love dealing with insurance until they need it. Insurance can be complicated and dry, but when a claim is honored and the payment comes through then insurance can seem like the greatest thing since sliced bread. There are many different kinds of insurance, and a variety of ways to customize a policy. Flood insurance is a particular type of coverage that can strengthen a company's ability to withstand a major storm or flood. This coverage is normally not part of regular commercial property insurance, which covers wind, lightning, fires and other situations. Under many circumstances coverage for floods is a requirement, particularly if your location in Mizner Park,FL is in a high-risk flood area and you have a loan with a regulated lender.
What Is Covered
Flood insurance covers a number of scenarios. The most common include the following:
- High waters from rivers and streams
- Unusually heavy or prolonged rains that result in saturated ground
- A storm surge
- Broken dams or levees
- Heavy snow melt around the foundation
- Clogged municipal drainage systems
The coverage typically includes damage to your property and to its contents. Standard commercial insurance normally covers water damage that comes from above, such as rain and snow. As always, if you experience extensive water damage, contact a reputable water mitigation company in Mizner Park,FL.
What Is Not Covered
Each policy is different, but in general flood insurance does not include damage to exterior elements such as landscaping and sewage systems. Company vehicles may not be covered; however, there may be coverage from water damage in your business vehicle insurance policy. The financial losses associated with a business interruption from a flood are not typically covered, but they sometimes can be negotiated into a custom policy. The eradication of mold after a flood may be covered so long as you took quick and reasonable action to address the problem.