Commercial Flood Insurance in Miami Beach

1/23/2020 (Permalink)

The importance of commercial flood insurance in Miami Beach.

The National Flood Insurance Program (NFIP) provides flood insurance. The NFIP doesn’t sell insurance. Buy flood insurance from an insurance agent. 

SERVPRO of Miami Beach is interested in helping the businesses in our community become more educated on flood insurance. According to FEMA, 40% of small businesses do not reopen after experiencing a devastating flood. 

Things to know in Miami Beach. Check to see if you might be required to have flood insurance.

• All agencies in Miami Beach charge the same for flood insurance
• Standard commercial insurance doesn’t pay for flood damage
• The NFIP sets the rates
• Rates depend on:
• whether you live in a flood plain
• flood risk in your area
• building’s age
• building’s construction
• Building property insurance covers the building
• Personal property insurance covers the building’s contents
• NFIP suggests you need both types
• Policies go into effect 30 days after purchase
• The NFIP help center number is 1-800-427-4661

SERVPRO of Miami Beach recommends the following: 

• Check whether or not your area participates in the NFIP
• Check whether or not your area is part of the Community Rating System. The NFIP might have a discount
• Talk to your insurance agent when you need to make changes

Make sure your business is protected from the devastation that comes with unwanted flooding in your office.