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Fire & Water - Cleanup & Restoration

3 Things You Should Know About Renters Insurance and Floods

9/2/2020 (Permalink)

Purchasing a flood insurance policy to supplement your renters insurance can give you peace of mind

Did You Know Renters Insurance Does Not Cover Flood Damage?

If you rent the location occupied by your business, it may be wise to purchase a separate flood insurance policy to cover your belongings in the event of flooding from a storm. This is especially true if you live in an area where floods happen regularly, but it's also worthy of your consideration no matter where you live.

1. Don't Assume Your Insurance Covers Everything
Your standard renters policy may cover some types of water damage, such as damage from a temperamental washing machine or a toilet that suddenly overflows. However, coverage for losses and storm cleanup after a flood requires a policy separate from your renters insurance. A contents-only flood policy, for example, can cover professional flood cleanup and restoration of your furniture, electronics and documents.

2. Your Landlord Isn't Responsible for Your Machinery or Office Furniture
If a storm causes flooding in your commercial building, your landlord is only responsible for repairs to the building's structure and materials. The property contained within your rental unit itself is solely your responsibility as the tenant. This typically includes everything from equipment and retail products to computers and paperwork.

3. The National Flood Insurance Program Has Your Back
Businesses in Georgetown, NC, can acquire flood insurance coverage through the National Flood Insurance Program. This program was established by Congress to help property and business owners protect themselves from financial losses due to storm activity. A contents-only policy from NFIP will cover things such as furniture, curtains, electronics, rugs and equipment.
As a business owner, if you rent your commercial space, you want to take every precaution to protect your monthly investment. Purchasing a flood insurance policy to supplement your renters insurance can give you peace of mind, as you'll know that you can afford to replace lost assets and enlist the help of a professional flood cleanup company that will make it look "Like it never even happened."

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