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Fire & Water - Cleanup & Restoration

3 Things to Know About Flood Insurance

2/12/2019 (Permalink)

Storm Damage 3 Things to Know About Flood Insurance Ask your insurance agent if you are covered.

Flood Insurance Coverage

In the event your Scarborough,ME, business has experienced flooding then you may be wondering what exactly may be included in your flood insurance policy. Fortunately, while insurance policies may vary, many contain similar coverage.

1. What May Be Covered

Most commercial insurance policies will cover the cost of damages to your building and any contents in the event of a flood. In some cases, they may even recommend a water damage restoration service to conduct the cleanup and repairs. These services may also be able to restore electronics or any documentation that may have been damaged as well.

2. What May Not Be Covered

In many cases flood insurance will not cover business property located outside the building. This can include company vehicles or any landscaping. Most insurance policies also do not cover flooding caused by neglect. This means that it is the businesses responsibility to conduct any repairs as soon as a problem is found. Losses to the business caused by having to shut down for repairs may also not be covered.

3. How Risk Factor Is Determined

Many parts of your insurance policy may be impacted by your flooding risk. Factors that could play into your flood risk include the location of your business, and average weather type for your area. if the business is built in a flood zone or you experience heavy rains regularly, you may want to purchase extra coverage for anything not included under your policy.

Knowing what's contained in your flood insurance policy is the responsibility of the policyholder. However, many flood policies contain similar insurance coverage. These packages may include situations such a storm damages or broken pipes. It may not include property outside the building, or flooding caused by acts of neglect. To know what exactly is in your policy it is recommended that you talk to your insurance agent.

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