| Many Ohio
businesses believe coverage for losses caused
by flood are covered under their business insurance
policy or property policy... unfortunately, they're
not. Losses caused by a flood are customarily
excluded on these policies.
For most businesses, this is not a major concern.
How likely is Ohio to have a flood, right? But
who expects to have a loss of any type? Most
businesses don't plan on having a loss and filing
a claim under their insurance policy. However,
when a loss does occur, even a flood loss, you
don't want to be on the hook for the entire
loss amount.
Luckily, flood insurance is available in the
State of Ohio. The state is divided into floodplains
(essentially, how likely a certain area is to
flood), and those areas more prone to flood
are likely to purchase flood insurance. However,
the Ohio Insurance Institute estimates that
only 10% of the structures in Ohio's floodplains
are protected by flood insurance.
Tip. Find out what floodplain
you're in. Many businesses don't realize how
susceptible their property is to flood.
Flood insurance is provided by the National
Flood Insurance Program so there are standard
restrictions and guidelines when it comes to
purchasing a policy. Make sure you talk to an
experienced insurance agent that can help you
purchase the policy that's best for you and
your business.
Tip. The National Flood Insurance
Program estimates that 90% of all natural disasters
involve flooding so it's certainly a coverage
to consider when reviewing your overall protection. |
