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Residential Flood: Many homeowners believe that they only need flood insurance if their mortgage company or bank requires it, which is mostly when the home is located in areas categorized as “high risk” (flood zone A or V). The fact is, you don’t need to live on the coast to be at risk. Wherever it rains, it can flood, regardless of your proximity to a body of water.
Commercial Flood: If you have a Small Business Administration loan you are required to have flood insurance if you are in a high-risk flood zone. Many other lenders require flood insurance on your commercial building if you are in a high-risk flood zone – A and V flood zones.
Do not be lured into a false sense of security if you are outside of the ‘high-risk’ flood zone and think you do not need a flood insurance policy. No one is without potential flood risk; wherever it rains, it can flood. When Hurricane Harvey hit Houston, 70% of the claims were outside of the high-risk flood zones. Furthermore, 25% of all flood claims are located outside of “high risk” A and V zones. Protect your business and inventory.
Another fact is, about 25% of Small Businesses never reopen following a natural disaster.
Only you can decide. During the last five years, the average flood claim was $46,000. Below is a chart of significant flooding, that has occurred recently:
A standard flood insurance policy covers your home and contents when damage is caused by rising water. At Inshora Group, we help waterproof your assets by offering expanded, optional coverage that gives your family protection where other insurers may literally leave you “underwater.”
The coverage offered in a Flood Insurance policy may sound like the coverage you already have in your Homeowner’s policy, but that’s not the case. It’s different than your Homeowner’s insurance because a typical Homeowner’s policy specifically excludes water damage that results from rising water. For the purpose of insurance, “Rising” is the key word to distinguish flood damage from water damage.