Flooding can occur anywhere at any time. Even if you are not required to have flood insurance, serious consideration should be given to purchasing it anyway.
Business insurance may cover fire and wind damage, but virtually never covers damage from flooding...nature's most common natural disaster. Damages associated with floods can easily total $25,000 or more.... sometimes much more.
Without flood insurance, losses must be covered out of pocket. Some limited relief might be obtainable through government aid. But, government assistance is not available automatically. It is offered only when the President makes an official disaster declaration. Less than half of flooding events are "declared disasters." Declarations require rather widespread damage. Most often, when government aid is available, it comes in the form of an interest bearing loan.
New flood insurance policies take 30 days to go into effect. Talk to your insurance agent about your coverage needs today.
National Flood Insurance Program
Because Palm Beach County participates in the National Flood Insurance Program, all county businesses qualify to apply for NFIP flood insurance. The National Flood Insurance Program coordinates floodplain management and development. The program helps state, county and municipalities and agencies to develop, implement, and maintain appropriate floodplain management regulations. Administered by the Federal Emergency Management Agency (FEMA), the National Flood Insurance Program (NFIP) offers federally backed insurance money to communities that agree to adopt and enforce minimum standards for flood plain management to reduce future flood damage. Palm Beach County is an active participant in the NFIP. The county's codes and ordinances meet or exceed NFIP standards.