Flooding is a risk to any business, whether you are inland or near the coastline. In fact, in the past five years all 50 states have experienced floods, and at least one in four businesses that shut down from a natural disaster never reopen. The average commercial flood claim in the past five years has been $89,000, and the average property damage due to flooding totals more than $3.5 billion annually.
General policies do not cover flood damage; this type of insurance is only available through the National Flood Insurance Program (NFIP). We have compiled some information about the NFIP and its coverage to help you understand its benefits. This article includes the following information about flood insurance:
- Who Should Buy It
- Associated Costs
- What is Covered