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Natural Disaster Policies
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Flood InsuranceSome companies may include flood coverage in their commercial property policies for areas with a low flood risk. However, most flood insurance in the is administered by the National Flood Insurance Program (NFIP). To qualify for NFIP coverage, a business must be located within an NFIP-participating community. These communities have adopted federal building and flood plan management programs aimed at reducing the likelihood of future flood damage.
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"Special Flood Hazard Areas" are high-risk areas within NFIP communities that are a more likely flood risk. The NFIP requires all structures within these areas to have flood insurance. However, even if a business has no property within a hazard area, a flood policy may be a good idea; about a quarter of all floods occur in areas designated as low-to-moderate risk. Flood insurance is purchased through designated insurance agents.
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