Flood Insurance

At least 25 percent of businesses that close after events, like a flood, never reopen. From 2010 to 2014, the average commercial flood claim amounted to nearly $89,000. Flood insurance is the best way to protect yourself from devastating financial loss. Find the flood risk for your business now using our One-Step Flood Risk Profile.

Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters. Costs vary depending on how much insurance is purchased, what it covers, and the property's flood risk.

Coverage for your building and contents is available. Talk to your agent today about insuring your business and its contents. Typically, there's a 30-day waiting period from date of purchase before your policy goes into effect. That means now is the best time to buy flood insurance.

Rates

The NFIP, a federal program, offers flood insurance, which can be purchased through most leading insurance companies. Rates are set and do not differ from company to company or agent to agent. These rates depend on several factors including the date and type of construction of your home, along with your area's level of risk. All premiums include a Federal Policy Fee and ICC Premium.

30-Day Waiting Period

Typically, there's a 30-day waiting period from date of purchase before your policy goes into effect. Here are the only exceptions:

If your lender requires flood insurance in connection with the making, increasing, extending, or renewing of your loan.
If an additional amount of insurance is required as a result of a map revision.
If flood insurance is required as a result of a lender determining that a loan that does not have flood insurance coverage should be protected by flood insurance.
If an additional amount of insurance is being obtained in connection with the renewal of a policy.
If a property is affected by flooding on burned Federal land that is a result of, or is exacerbated by, post-wildfire conditions when the policy is purchased within 60 days of the fire containment date.

Payment

Payment must be made for the full year's premium, unless your agent or company provides that independently. The National Flood Insurance Program accepts check and credit card payments (i.e. American Express, VISA, MasterCard). Coverage will not be effective until full payment is received.