What Does Commercial Flood Insurance Cover in Richardson?

8/21/2020 (Permalink)

If you've experienced flooding on your property, contact SERVPRO of Richardson for commercial storm damage and water damage restoration services.

Floods are the number one disaster in the US. For commercial business owners in Richardson, knowing what commercial flood insurance covers is critical. Let’s break it down. 

Business flood insurance protects you in two ways

1. Building coverage — The policy will provide coverage for damage that occurs to the building’s structure. 
2. Content coverage — Commercial flood insurance will provide coverage for the contents, such as furniture and equipment, in the building. 

For an insurance provider to consider that damage to a building and its contents has occurred due to a flood, the water must have flooded at least two properties or two acres. 

Water from overflowing streams, rivers, snow melts, storm surges, broken dams, blocked storm drains, and other occurrences are considered flood events in commercial flood insurance. 

If your commercial building has been damaged from a flood, our Richardson commercial water restoration experts can help fix your building and bring it back to life. 

How Much is Covered in Flood Insurance Claims?

The short answer? It depends on your policy. But in most instances, the building and the contents inside are covered for up to $500,000. 

Primary Coverage

Primary coverage on a commercial building will include the costs to repair or replace certain items. Things like water heaters, A/C units, and electrical systems are often included in primary coverage. 

Contents

You’ve invested a lot of money into equipment that’s essential for running your business. Contents coverage in a commercial flood insurance policy will help mitigate the costs of buying new equipment damaged in a flood. Machines, inventory, and merchandise can be replaced with a flood insurance claim. 

What Isn’t Covered Under a Commercial Flood Insurance Policy

Dealing with a flooded commercial building often means business and sales grinding to a halt. Commercial flood insurance will help pay to fix your building and restore your equipment. But it won’t typically cover sales and income lost from the flood. 

Commercial Flood Insurance in Richardson: The Bottom Line

Taking out a commercial flood insurance policy will reduce some of the stress that occurs if your building suffers damage from flooding. At SERVPRO of Richardson, we offer commercial storm damage restoration services. We’ll clean up water damage and mold, and restore your building back to its original condition. Contact us online today or call us at (972) 690-1414 to speak to a qualified representative.