Commercial Flood Insurance - South Carolina
Serving Mount Pleasant, Charleston, Saint Stephen, and surrounding communities.
We believe flood insurance is an essential risk management tool that all businesses should consider, regardless of whether coverage is required or where the commercial property is located. The reality is that floods can and do happen in every region and state in the U.S., not just in coastal communities and areas that the Federal Emergency Management Agency (FEMA) designates as high-risk. Loss and damages due to flooding are not covered by a commercial property insurance policy; thus, flood insurance provides game-changing protection against potentially devastating financial hardship. Furthermore, studies show that having flood insurance in place significantly increases the likelihood that a business will reopen should they be forced to close their doors after experiencing a flood disaster. If you know your business is required to carry commercial flood insurance or you are interested in receiving a quote for the cost of commercial flood insurance, you’ve come to the right place.
Moulton & Sheally Insurance agents will guide you through the options and help tailor the right flood coverage to adequately protect your business assets. Depending on your circumstances, certain flood risk reduction measures may also be available to help reduce premiums and potential flood loss as well. Contact our agency to learn more!
What are the different types of commercial flood insurance?
- Building coverage pays to repair or replace an insured flooded structure, it’s foundation, including things like floors and walls, electrical and plumbing systems, central air conditioning, furnaces and water heaters, built in appliances, and most permanently installed items.
- Contents coverage provides payment for lost or damaged possessions inside the building up to a specified insured value for various items like your furnishings, equipment, and inventory.
- Business Income coverage can be included in some commercial flood polices to provide supplemental income if the business has to close following a flood event.
Additional Coverage Options to Consider
For businesses that rent commercial space, contents only flood policies are available. If you own a building and store property in the basement area, you may need to consider adding basement contents flood coverage to protect valuable items. If you are a builder, be sure to check your builder’s risk policy to ensure it covers the peril of flood. If not, course of construction coverage may be needed.
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No matter where you are, floods can cause thousands of dollars in devastating damage to homes and businesses alike. We can help you become financially prepared.
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Does my commercial property insurance policy include flood coverage?
No, because flood damage is caused by events that are considered a separate peril (meaning cause), a separate flood policy is required to specifically protect your assets against flood loss.
If a business has filed a flood loss in the past, can it still qualify for NFIP flood coverage?
Yes, as long as the business is located in a participating NFIP program community. Private market flood coverage availability following a flood loss is case by case. Some private market carriers will still extend coverage if the flood loss happened more than five years ago.
TOGETHER IS BETTER
You can save money on your flood insurance in some cases by combining it with other coverages you also need, such as earthquake, wind, and landslide insurance.