Flood Insurance

We have severe weather conditions in recent years that have wiped out communities – from the New Jersey Shore to New York’s Staten Island to Moore, Oklahoma and other areas in the Midwest and Texas. As a result of the storm surges and excessive flooding, the government’s program that insures residents and businesses, the National Flood Insurance Program (NFIP) is looking to increase rates significantly especially in coastal areas or what is considered Tier 1 Counties. Even Tier II Counties are being affected since recent storms have had widespread devastation reaching beyond the shorelines.

Many businesses have found themselves either uninsured or underinsured without flood or excessive flood coverage. In fact, according to FEMA, almost 40% of small businesses never reopen their doors following a disaster because just a few inches of water can cause tens of thousands of dollars in damage.

The cost of a policy will, of course, depend on how much insurance is purchased, what it covers, and the property’s flood risk. Coverage through NFIP for your building and contents is available. However, depending on where you are located, you should discuss with an independent insurance agent securing Excess Flood Insurance to extend your coverage. What’s more, FEMA makes available maps so that you can view your community risk to flood hazards.