Flooding can be caused by heavy rain, melting snow, storm surges, high tides and hurricanes, and can happen at any time. Not only can floods happen at any time but they can also destroy a business in seconds.
The term “flood” has several meanings and for insurance coverage, it all depends on the source of the water. It could come a broken water line, failed sump pump, clogged drain or heavy rain. Unfortunately, most property and casualty policies do not cover flood damage, which is why it’s especially important to consider the protection flood insurance can offer.
Depending on the location of your business, you may be required to provide proof of flood insurance to your lender but are you familiar with the details of your insurance policies? Will your costs to replace equipment, staff salaries, alternative accommodations for residents and lost income be covered? If you don’t know the answers or answered no to any of those questions, it’s time to review your policy with an AssuredPartners senior living agent.
Our in-house flood team provides a variety of services including that can reduce your premiums or eliminate the flood insurance requirement altogether:
- Reviewing new and old flood maps to determine if your location can be grandfathered
- Assess your physical structure to determine if the flood zone specifics apply to other property areas such as parking lots
- Researching flood insurance needs prior to purchasing a building to understand financial impact which may result in a positive flood zone change based on elevation certificates
Not only will AssuredPartners senior living experts provide a coverage analysis of your flood policy but we will also review all of your business policies to ensure you are adequately covered. To learn more about how we can help manage your insurance costs and increase your resident care funding, visit AssuredPartners Senior Living.