You will need flood insurance if you live in a designated flood zone. But flooding can also occur in inland areas and away from major rivers. Consider buying a flood insurance policy if your house could be flooded by melting snow, an overflowing creek or pond, or water running down a steep hill.
Flood insurance is available for renters and homeowners, but, like earthquake insurance, it is not part of standard homeowners coverage. Instead, flood policies are provided separately by the federal government and dozens of private insurers.
If you think you need flood insurance, don’t wait for a flood season warning on the evening news to buy a policy. There is a 30-day waiting period before the coverage takes effect for National Flood Insurance Program policies.
- Commercial contents covers inventory, merchandise, machinery and any other contents your business has up to $500,000.
- Commercial building covers you company’s building up to $500,000. Even if your company does not own the building, you are able to insure the value of the improvements you made to the space.
If the value of your business is more than $500,000 in either of these areas, you can purchase an excess flood policy to provide total coverage up to $1 million. In addition to these two types of building coverage, the NFIP will also keep you covered for flood protection, prevention and cleanup.
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