3 Situations That Call for Flood Coverage

10/18/2018 (Permalink)

Ceiling damage from a roof leak in Olean,NY

Flooding can cause a great deal of damage to your commercial property, and your property insurance often doesn't cover it. If your building is in an area that is prone to flooding, you are required by law to have flood insurance, but it's a good idea even if it's not technically required where your business is located. You may think of a flood policy for your business in Olean,NY, as an extraneous expense, but if a situation arises where you need it, you'll be glad you purchased it.

Heavy Storms

When heavy storms strike, dropping a deluge more quickly than the area can handle, you may need a policy to pay for flood mitigation services. The property insurance in your commercial insurance package probably covers minor damage caused by a relatively small leak, such as:

• Wet insulation in the attic
• Water damage in walls from rain
• Ceiling replacement from a roof leak

If the storm persists and causes floodwaters that seep into your building and cause major damage, your flood insurance typically covers those repairs.

Overflowing Bodies of Water

If your business is near a lake, stream or river, prolonged rains can cause a flood, and this can affect your property. If the overflow reaches your building, there's probably not going to be any way to stop if from breeching your lower floors and causing quite a bit of damage to your building's structure. A flood policy can cover the repairs needed to restore your building.

Dam Breaks

If a levee or dam breaks, the area around it will probably not be able to avoid flooding. This type of flood can be especially devastating because the water may just keep coming until the hole is repaired. If you live in an area that would be affected by such a catastrophe, flood coverage is generally a must.

No matter where your commercial property is located, it's a good idea to have flood insurance. It offers protection beyond what your property insurance covers, and it can be the fastest way to get your building repaired after a flood.