3 Situations When Your Business Should Get Flood Insurance

12/24/2019 (Permalink)

3 Situations When Your Business Should Get Flood Insurance

If you have a business in Lexington, OK, then you probably have some sort of insurance coverage to protect your building from multiple types of damage. However, if you don’t have additional flood insurance, you may want to consider adding it to your policy. The following are a few situations when you should do this.

1. When You Are Located in a High-Risk Area

There are many areas that often experience flooding. If your building is located in one of these areas, then flood insurance can be very useful. In some cases, those with buildings in high-risk locations might even be required to purchase additional coverage. This will likely be the case if you have a mortgage on the building with a federally insured or regulated lender.

2. When You Want Complete Coverage

While your commercial insurance will cover a large variety of damage, both from accidents and natural events, it will usually not include flood damage. Floods can cause a lot of damage which can be expensive to repair. For this reason, your insurance company will likely require you to pay more for this kind of coverage.

3. When You Get Severe Weather

Even if you are not in an area where flooding is considered likely, you may want to consider purchasing the additional insurance if there are many severe storms. A large amount of rain can cause water levels to rise, resulting in flood damage. The same can also occur after a snowstorm when the snow begins to melt. If this happens too quickly and the water has nowhere to go, it will likely cause damage to your building.
Purchasing flood insurance for your business will ensure that you are prepared for any situation. If your building is damaged and you need a cleanup and restoration service to make repairs, the money you get from your claim can help pay for this. Otherwise, you may be stuck paying for restoration on your own.