Why Your Business Needs Flood Insurance
New York City businesses are prone to flooding year round, not just during hurricane season. Heavy rainfall can cause flooding due to "surcharged sewers" which occurs when sewers are overwhelmed during storms and rainwater has no place to go. New York City also experiences "sunny day flooding" in which high tides overflow into neighborhoods that are close to waterways.
Regular property insurance does not cover flood damage, a separate flood insurance policy is required for your business.
A business flood insurance policy covers damage to your building and contents caused by flooding.
This includes losses resulting from water damage caused by
- storm surge
- snow melt
- blocked storm drainage systems
- broken dams
- overflowing waterways
Your business flood insurance policy will also include coverage for repairing or replacing air conditioners, water heaters and electrical systems damaged by water.
Flood cleanup can be extensive and expensive, flood insurance can help cover the cost of replacement, as well as water damage repairs.
How to get a flood insurance policy
You can contact a private insurer or you can go through National Flood Insurance Program (NFIP)
NFIP is an organization that refers you to an agency that can help you retain a Flood Insurance Policy.
There are many different Flood Insurance Policies, be sure to retain one for your business that has the coverage you will need.