In Florida, flood damage due to heavy rains or tidal surges is a potential cause of significant loss. Flood protection is not included in commercial property coverage and therefore this type of policy must be purchased by businesses looking for protection from such an exposure. The flood policy covers buildings and their contents on either a replacement cost or actual cash value basis against direct loss by flood.
At Black Bear, we will review the different types of options for Flood coverage and well as provide you with a premium indication for purchasing this important form of insurance protection. We can assist with reviewing the coverages as well as how the coverage applies in the event of a loss. Keep in mind that the entire State of Florida is in a Flood zone. Some zones are at a higher probability of flooding than others. If we look at statistics on past flood claims, 25% of flood losses were in the zones with less probability of flooding. Keep this in mind when reviewing this coverage.
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