Commercial Flood Insurance
New York City is known for its abundance of magnificent waterways — the East River, Hudson River and Long Island Sound quickly come to mind. While these water bodies help to define the character of the most vibrant city in the world — and serve a variety of commercial and recreational purposes — they do pose one significant and pervasive threat: flooding. Scientists predict that global warming will contribute to rising water levels in the coming years, which makes the risk of flooding even greater for citizens and business owners in the NYC area.
The Need for Commercial Flood Insurance Coverage in New York
If you own any commercial establishment in New York, one flood could cause substantial damage to your business and possibly ruin everything you've worked so hard to create. Many business owners mistakenly believe a standard commercial property insurance policy covers flood damage — but this isn't the case. You need to purchase a separate flood insurance plan to protect your business property and assets.
Flood insurance is also mandatory in some situations, such as when a property is located in a flood-prone area or when a business carries a federally regulated mortgage from an insured lender.
What Does Commercial Flood Insurance Cover?
Commercial flood insurance typically covers water damage to your building and the contents — machinery, equipment, furniture, etc. — within it. The damage must result from overflowing waters emanating from rivers, streams, burst dams, rainstorm surges or similar sources. To be considered a "flood," the affected area must consist of at least two acres, and the event must impact a minimum of two properties.
What Doesn't Commercial Flood Insurance Cover?
A flood policy generally will not cover property losses that occur outside your building. Examples can include vehicles in your facility's parking lot or inventory you store or display outside. There is no coverage for flooding caused by plumbing issues such as leaks or burst water pipes. You should also be aware that while private commercial flood insurance plans may include Business Interruption protection, NFIP plans do not — you may need to purchase supplemental BI coverage if you choose the latter option.
Kokkoris Insurance Services: Your One-Stop Source for Commercial Flood Insurance in New York
As a leading commercial insurance broker in New York with more than 25 years of experience, Astoria-based Kokkoris Insurance Services can help you get affordable commercial flood insurance coverage for your business. We'll assist you in exploring options such as:
- Federally backed flood insurance through the National Flood Insurance Program (NFIP)
- Private commercial flood insurance
- And more
We'll make sure you understand all the relevant commercial flood insurance requirements in New York, so you can make an informed decision for your business.
Contact Us to Learn More About Commercial Flood Insurance in New York
Don't let a devasting flood ruin everything you've worked so hard to achieve. Protect your business with comprehensive flood insurance coverage from Kokkoris Insurance Services. Contact us for more information and a no-obligation quote today!
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