Flood insurance for your building.
Commercial flood works differently from residential, and the exposures that hurt most are the ones the federal program does not touch.
Where the NFIP stops
A commercial NFIP policy caps at $500,000 on the building and $500,000 on contents. For most commercial property in South Florida that is not enough. A warehouse with stock in it, a restaurant build out, a medical office full of equipment: any one can pass the contents cap before you count the building.
Excess flood
Excess flood sits on top of the NFIP layer and pays once the federal limit is exhausted. You keep the NFIP policy as the primary layer, usually because a lender requires it, and stack excess above it to your true replacement value.
Limits in the millions are ordinary. It is a routine structure that most property owners have never been offered.
Business interruption
The NFIP does not cover business interruption at all. Not partially, not with a sublimit.
If water closes you for two months, the federal policy repairs the building and replaces the stock. It pays nothing toward the revenue you did not earn, the payroll you kept covering, or the rent that kept accruing. For most businesses that is the largest uninsured loss in the event.
Tenant or owner
A tenant needs contents, tenant improvements and business interruption. An owner needs the building. Neither covers the other, and both routinely assume someone else has it handled.
Read your lease, then check that the policy in the file actually matches it.
More than one property
With several locations, individual NFIP policies get expensive and hard to track. A scheduled private program covers the portfolio under one policy, one renewal date, limits allocated by location. Send us the address list and we will price it both ways.
Before you start
Takes about three minutes
A few things are easier to look up now than halfway through. Nothing here is required to begin.
- The square footage and year built.
- Whether you have an elevation certificate.
- Who your current carrier is and when the policy expires.
Already have your paperwork?
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