So far, the weather in 2014 has been very interesting. We have seen everything from extreme cold and heat to severe drought and record rainfall. The weather conditions are very unpredictable and even with the best technology, a storm often comes with little warning. Even with advance warning, Mother Nature can leave cities with great losses and destruction.
Surprisingly, a flood can occur anytime and anywhere. If it rains, flooding can develop even in non-flood zones. The West Coast is even faced with increased flood risk due to wildfires, which destroyed its natural protection against flooding as these types of fires leave behind charred grounds where vegetation had been present. This vegetation absorbed the rainwater and melting snow which now, just runs off. If you don’t live in Arizona, you might not think flood insurance would be important there, but it is.
After a physical loss, most business owners immediately turn to their insurance provider for help. It is important to know that some causes of loss are excluded from coverage under your business insurance policy. Typically, damage caused by flooding is one of the exclusions in your business property insurance policy. To protect yourself from a potential loss caused by flood, you must purchase a separate policy which is designed to provide you with protection if faced with flood damage.
Every business should consider purchasing this coverage, even if you are not located in a flood plain. After facing a flood loss, many businesses are unable to reopen their doors because they did not have flood insurance. The reason is because it only takes a very small amount of water to cause thousands of dollars in damage.
You can purchase flood insurance from your agent, who can discuss with you the options and coverage available. It is important to keep in mind that there is usually a waiting period from the date of purchase before a new flood policy goes into effect. That means you shouldn’t wait until the forecast calls for flash-flooding to make your decision to purchase a flood policy. If there is a waiting period, you will not have coverage in time for the storm.
Floods are real and they can happen anywhere. So in order to protect your business from this extreme hazard that can potentially put you out of business, contact your agent for a quote on flood coverage. This will help you determine whether this type of policy can be added to your insurance portfolio. Remember, a quote is free, so give your agent a call today.
