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Fire & Water - Cleanup & Restoration

3 Reasons Why Your Business Might Need Flood Insurance

4/9/2021 (Permalink)

Man inside a warehouse inspecting wet boxes, a storm has damaged boxes Commercial storm damage in Yucaipa, PA.

Why Does My Business Need Flood Insurance

The possibility that your Yucaipa, CA, business building could experience a flood may not be the first thing on your mind. However, it's an important eventuality to prepare for. Flood damage can cause a lot of harm to your belongings, so you'll want to be sure that you can get water damage restoration services. Insurance may be able to cover these services, but you'll need to have the right policy. If you're looking for more information, here are three reasons why your business might need flood insurance.

1. Lack of General Coverage
Unfortunately, it's unlikely that your standard commercial policy will cover flood damage. Therefore, you may not be able to fund the flood restoration process if you experience the following:

  • Melted snow
  • Long rainstorms
  • Hurricanes
  • Malfunctioning dams

Water that comes from above, such as rain, is more likely to be covered by a standard policy, so make sure to check your current one. If you need further information, consider talking with someone in the company that can make your policy clearer.

2. Federal Requirements
If you live in an area with a high risk of floods, you may actually be required to purchase commercial flood insurance. This also depends on whether your mortgage is from a federal lender. In the event that both of these apply to you, it's unlikely that you won't be asked to make said purchase.

3. Building Layout and Location
One of the most important things to do in this process is to assess your layout and location. Start by considering your location. Are you in or near a high-risk area? If so, it's probably in your best interest to get flood insurance. You'll also want to look at the important items in your building. If you have valuables that must be kept on a lower floor, like machinery, such items could be at risk of flood damage.
Determining whether or not you should get commercial insurance for floods can be difficult. Examine your situation, talk to experts, and make an informed decision.

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