Commercial Flood Insurance Agent – What to Ask About Flooding Coverage

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Commercial Flood Insurance Agent – What to Ask About Flooding Coverage

Your commercial flood insurance agent will ask you a few questions before deciding on the best flood insurance for your business, but you should also remember to ask him a few yourself . . . just to make sure that you’ve got everything covered. If you’ve already visited our “what’s covered” page you’ll know that there are quite a few different things which can affect your flood insurance premium, as well as the amount of cover you have. Don’t just assume that it will be “alright on the night”, or even in the day for that matter, it’s a bit late to find out these things as you watch your entire stock float away down the street isn’t it?

Your flood insurance agent is quite likely to ask to see your Elevation Certificate, which has vital information about the elevation of your property above the ground . . . if you don’t have one of these you can arrange to¬†buy one, it might even help to reduce your flood insurance premiums.

Question to Ask Your Commercial Flood Insurance Agent

  • Which flood zone is my business located in . . . basically, what’s the risk of it flooding? Perhaps you should have asked that question to the real estate agent before deciding on the location for your business.
  • Does my lender insist that I take out commercial flood insurance on the property? Is it a mandatory expense? Well, you’ve got to know what you’ve got to do haven’t you?
  • Am I eligible for a Preferred Risk Policy? After all, I’ve seen the figures on the Policy Rates page and those premiums are by far the most affordable.
  • Is this community (the one where I have my business) participating in the NFIP CRS, and if so, can I have a discount?
  • What exactly will be covered by my flood insurance policy, and what won’t? Come on, don’t fluff over the details, tell me the whole story . . .
  • Should I have building & contents insurance together, or building only and contents only? What’s the difference in price (okay, I’ve seen the Policy Rates page but that’s just to give me an idea, I want to know real prices).
  • Are there any ways in which I can reduce the cost of my commercial flood insurance premiums? What if I choose a higher deductible, what difference will that make?
  • What extra expenses are there to bump up the price? Come on, I know there’ll be some so you might as well tell me the price on the bottom line.
  • Who do I call if I want to make a claim?
  • What about renewals? How do I go about that?

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