Protecting Your Investment with SERVPRO®: The Importance of Commercial Flood Insurance

4/7/2022 (Permalink)

Commercial flood insurance is not merely optional; it is a vital component of protecting your property and ensuring business continuity.

Floods are among nature's most destructive forces, capable of causing devastating damage and leaving toxic residues within commercial buildings. Surprisingly, this damage isn't typically covered by standard commercial insurance policies. To secure coverage, businesses in West Seattle and Burien must either obtain a rider from their insurance provider or invest in a specialized flood policy. In this article, we shed light on why flood insurance is essential for homeowners and business owners, outlining key factors that determine its necessity.

Understanding the Necessity of Flood Insurance

Is flood insurance optional? The answer depends on your specific circumstances, as determined by three key factors:

1. Are You in a High-Risk Flood Zone?

   • FEMA provides flood maps covering much of the United States. If your property in Tukwila, WA, falls within a high-risk flood zone, having flood insurance may not be optional; it could be mandatory.
   • Even if not required, properties in high-risk areas should strongly consider investing in flood coverage. Consult with local water damage restoration experts for assessments and emergency planning to safeguard your property effectively.
   • Prior to purchasing a commercial building, it's wise to review flood maps and local regulations, as some areas may mandate backfilling properties above the flood line.

2. Do You Have a Commercial Mortgage?

   • Lenders may stipulate flood insurance requirements for properties with mortgages. While some commercial insurance providers offer riders for flood damage, many property owners prefer National Flood Insurance Program (NFIP) policies due to their subsidized nature, resulting in lower premiums.

3. Is Your Lender Federally Insured?

   • Federal insurance backing, often associated with conventional mortgages, is designed to make mortgages more affordable. If your property is in a high-risk flood zone, and your lender is federally insured, flood coverage is typically necessary.
   • Consult your insurance agent or attorney for guidance on your specific situation, but many experts recommend commercial flood insurance as a prudent investment, regardless of lender requirements. It can make the difference between business continuity and closure following a disaster.

Why Choose SERVPRO®

Homeowners and business owners in West Seattle and Burien should prioritize flood insurance to safeguard their investments. However, in the unfortunate event of flood damage, choosing SERVPRO ensures that your property is in capable hands. SERVPRO specializes in comprehensive water damage restoration, ensuring a swift and effective response to mitigate flood-related issues, minimize downtime, and protect your assets.

Commercial flood insurance is not merely optional; it is a vital component of protecting your property and ensuring business continuity. Don't wait for disaster to strike—take proactive steps to secure flood coverage and consult SERVPRO for expert water damage restoration services in West Seattle and Burien. Your investment deserves the best protection, and SERVPRO is here to provide it.