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Fire & Water - Cleanup & Restoration

How To Cover Commercial Flood Damage Costs

6/1/2022 (Permalink)

Flood insurance form on a table with a book. Flood insurance is especially helpful for property owners located within the flood zones indicated on FEMA maps.

How To Cover Flood Damage Costs In A Commercial Setting

Commercial building owners frequently fail to plan ahead for flooding. General commercial insurance policies that cover property damage often exclude floods and sewer backups.

Additional coverage through a supplementary policy or rider is necessary to cover damage resulting from these incidents at properties in Darby Township, PA.

Maintain Flood Insurance

The expenses of cleaning up flood damage and replacing property destroyed by contaminated water can rapidly rise to thousands of dollars. Any of the following measures may need to be taken:

  • Extracting standing water
  • Tearing out damaged materials
  • Cleaning and disinfecting

Damage caused by flood water is excluded from most primary commercial property policies. It is necessary to have a separate flood policy through the FEMA-related National Flood Insurance Program or arrange with a private insurer to cover the cost of flood cleanup.

Carry Interruption Coverage

Neither general commercial insurance nor flood insurance policies will cover ongoing expenses or offset revenue lost during the period after a flood in which businesses may not be able to operate. An interruption insurance endorsement, rider or an additional policy may be necessary to keep affected operations afloat.

Make a Flood Claim

In the event that flooding damages a building, a property owner should make a flood claim. It is important to note that the NFIP typically has a 30-day waiting period for policies to go into effect. For this reason, it is a good idea to get flood insurance for a commercial property in an area that has an elevated risk of flooding sooner rather than later.

Building owners may want to obtain coverage through the NFIP or private insurers. Flood insurance is particularly helpful for owners of properties located within flood zones indicated on FEMA maps of Darby Township, PA. General commercial insurance property policies are also crucial. Supplementary sewer damage coverage can also help to ensure water damage from any source is covered.

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