“Restoring Homes and 
There are almost countless reasons for a business to have to close its doors. Not only do most new small businesses fail, many have unexpected issues come up that make closing inevitable - and that was before COVID-19 or Coronavirus became issues. One even most new or small businesses overlook is how a flood will impact their business.
A trickle can become a pool, and before you know it, your office, furniture, supplies, and other business materials are underwater. According to the Federal Emergency Management Agency (FEMA), the average commercial flood claim was around $90,000 from the years 2011-2015. Without insurance, that expense is out-of-pocket.
In this article, we’ll go over what you need to know about flood insurance and your business.
The National Flood Insurance Program (NFIP)
Most commercial property insurances won’t protect you from damages caused by flooding. Additionally, many businesses within flood zones may increase premiums or cause added problems with getting protection. To fully protect your assets from a flood, you need flood insurance.
This is where the NFIP (managed by FEMA) can help. This program helps home and buisness owners secure federally-supported flood insurance. Many business owners find that this insurance provides a great alternative to disaster assistance while helping them met the repair costs.
National Flood Insurance Program (NFIP) Facts to Help Your Business
Communities and businesses who agree to be part of the program adopt the floodplain management ordinance. These ordinances will help reduce flood damage in the future. There are more than 20,000 communities participating in the program right now!
The flood insurance through this program is available in moderate-risk and even high-risk areas. The insurance will help your business weather storms and is necessary to receive loans such as those from the Small Business Administration (SBA). However, everyone can get this type of insurance. Some premiums are as low as $121.
Who is Eligible for Flood Insurance Through the NFIP?
Anyone living in a community that participates in the program is eligible for the flood insurance. Make sure to secure the insurance before the next flood to qualify for assistance during that disaster. You cannot sign up for insurance after an event and receive protection for that event. Most agents who write your business and property insurance should help you determine your coverage and eligibility for flood insurance.
Flood Recovery from Experienced Renovation Professionals
We hope the information above on federal flood insurance helps your business. We obviously don’t take a cut or get some deal from letting you know about this option, we just want your business to get on its feet again. If a flood does damage your business or property, consider Jarvis Construction for your flood damage recovery. We have experience working with insurance and government agencies to get the best project timelines for our customers.