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Understand Your Flood Insurance Costs [for Business Owners]

A commercial flood insurance policy sits on a desk with documents and pens. Floods don’t care whether you own or rent a property. Either way, a flood disaster can ruin your business.

Protect yourself and your business from water damage with a solid flood insurance policy. With a good plan, you can end up saving on the affected area and the materials in the property. The Federal Emergency Management Agency (FEMA) oversees the National Flood Insurance Program (NFIP) which provides coverage for businesses of all sizes around the country.

Some insurance policies do not fully protect your business during a flood situation. Protect your company by understanding the costs of your business flood insurance policy with this article.

The Costs of Your Flood Insurance

Insurance premiums change based on several factors, including:

  • Date of Construction - Some structures can receive a reduced rate if they were built before FIRM went into effect.
  • Flood Zones - Higher-risk areas usually have higher rates. There are some other factors that can lower the price, including the ground elevation and floodproofing your property. 
  • Base Flood Elevation (BFE) - This level is the estimate experts set for a 1 percent chance of floodwaters reaching in any given year.
  • Lowest Floor Elevation (LFE) - This level is the lowest level of any enclosed area in your property that a surveyor gives on an elevation certificate. Low risk and low rates happen when the LFE is above the BFE.
  • Deductible - Deductibles can be up to $50,000 for building AND contents. This usually means a substantial discount for many businesses. 

Avoid the Fallout from a Flood Disaster with Commercial Flood Insurance

Up to 40 percent of small businesses fail during a disaster. These figures can be staggering for any small business owner. However, there are steps you can take to prevent this from happening. Make sure to have your commercial flood insurance policy in place, especially if you are in a high-risk area. Even if you are not in a flood zone, a disaster that causes water damage to your property can be devastating. 

That is where Jarvis Construction helps.

We help businesses of all sizes recover from disasters. Whether your business went through a storm, flood, snowstorm, or another disaster, we are here to help. Our technicians and service staff have experience coordinating with insurers, so we can make sure you get your business back into working order quickly and efficiently without sending you into bankruptcy. 

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