Kentucky Commercial Flood Insurance
(Quotes, Cost & Coverage)

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Get commercial flood insurance quotes, cost & coverage fast. KY commercial flood insurance protects your business property including your building and its contents from the damage and costs that resulting from flooding.

Business Flood Insurance

Kentucky Commercial Flood Insurance ⋆ Quotes, Cost & Coverage

With all of the expenses that are associated with running your business, you might try to skimp when it comes to certain things. In some cases, sparing certain things may be perfectly fine and won't hinder your business in any way; however, when it comes to Kentucky commercial flood insurance, you definitely don't want to neglect being covered.

While many business owners might think that Kentucky commercial flood insurance isn't really necessary, too many people find out the hard way that they should have had coverage. Considering the fact that it costs an estimated $20,000 to repair the damage from just one inch of flood water, and that most businesses that close when they become flooded never reopen again, if you live in or close to a flood zone, flood insurance for your business is really a necessity.

Does My Business Need Commercial Flood Insurance?

A lot of business owners assume that their KY property insurance will cover the damages that are associated with a flood; but many are surprised to find that their policy doesn't cover flooding. That's because the majority of commercial property insurance policies excluding flooding from coverage.

A "flood" is generally defined as "a temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from:

overflow of inland or tidal waters, or...
unusual and rapid accumulation or runoff of surface waters from any source, or...
mudflow or collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves, or...
currents of water exceeding anticipated cyclical levels that result in a flood as defined above.

You'll want to seriously consider getting a Kentucky commercial flood insurance policy if:

Your business is located in an area in KY that is prone to flooding, or it is situated near any body of water.
You operate a business in a location that has cold and snowy winters and warm springs. That's because snow that melts quickly is one of the main reasons why businesses flood.
Your business is situated in a climate that receives a moderate amount of rainfall throughout the year. There is always a chance that outdoor drains could clog, and if that happens, the likelihood that your establishment will flood is high.

What Does Kentucky Commercial Flood Insurance Cover?

Flood insurance for your company protects one of your most important investments from the damages that flooding can cause: Your business. With this type of insurance, you and your business are protected from the devastating financial losses that can occur with when a flood strikes. Not only does this insurance protect the building your business is located in, but it also protects the items inside your business and your assets.

A commercial flood insurance policy will pay for any repairs that your building may need in the event of a flood. It can also cover the cost of replacing the contents of your building. If mold or mildew forms as a result of flooding, your policy can also pay to remediate it.

Business flood insurance can either be purchased from an insurance agent, or you can buy a policy from a company that takes part in the National Flood Insurance Program. You also have the option to rely on special flooding programs that are offered by the government. It is in your best interest to purchase a policy through an agent, as you will be able to ensure you have adequate coverage for your business.

There are two different types of commercial flood insurance available, and you can choose to purchase one or both options.

Contents Insurance. This type of insurance covers any inventory, merchandise, equipment, furnishings and other elements that are located inside your business.
Building Insurance. This type of policy protects your building. If you do not own the building, you can purchase insurance that will cover the value of any improvements that you made to it.

Both of these types of insurance cover up to $500,000 in damages. However, you do have the ability to purchase an excess Kentucky commercial flood policy, which will grant more coverage. If your business is valued at more than $500,000, it's a wise idea to purchase additional coverage.

What Kentucky Commercial Flood Insurance Doesn't Cover

KY business flood insurance typically does not cover:

Precious metals
Stock certificates
Bearer bonds
Cash
Trees & plants
Wells & Septic systems
Walkways
Decks
Patios
Fences
Retaining walls
Storm shelters
Loss of income
Vehicles
Post-flood mold damage
Sewer backups

How Much Does Kentucky Commercial Flood Insurance Cost?

How much does Kentucky commercial flood insurance cost? This is the question most on KY business owners mind when they are shopping for a flood policy. Because Kentucky flood insurance is not a one size fits all, and there are many factors that are taken into consideration in your premiums - the easiest way to get flood insurance rates is to contact an agent to discuss your situation. Then you can get an accurate flood insurance quote to see the cost.

Below are some of the main factors that make up the cost of a KY business flood insurance policy:

Your property's flood risk - what flood zone you are in. More risk = higher premiums, less risk = lower premiums.
How much coverage you need. More coverage = higher premiums, less coverage = lower premiums.

You can look up your flood zone at:
FEMA Flood Map Service Center: Search By Address. You can also learn about flood insurance requirements for commercial property.

KY Commercial Flood Insurance Quotes

Kentucky Insurance

Request a Kentucky Flood Insurance quote in Alexandria, Ashland, Ashton, Bardstown, Berea, Bowling Green, Burlington, Campbellsville, Covington, Danville, Edgewood, Elizabethtown, Erlanger, Fayette, Florence, Fort Knox, Fort Thomas, Francisville, Frankfort, Franklin, Georgetown, Glasgow, Henderson, Hopkinsville, Independence, Jeffersontown, Lawrenceburg, Lexington, Louisville, Lyndon, Madisonville, Mayfield, Maysville, Middlesborough, Mount Washington, Murray, Newport, Nicholasville, Ownesboro, Paducah, Paris, Radcliff, Richmond, Shelbyville, Shepherdsville, Shively, Somerset, St. Matthews, Versailles, Winchester and all other cities in KY.

Kentucky Insurance Rules

In KY, there are some insurance regulations that you should be aware of before you start your business or even strike out on your adult life. We will be looking at both business and personal insurance, and the regulations that affect consumers that get these types of insurance. Let's look at personal and business insurance in greater detail according to the regulations in Kentucky.

KY Business Insurance

The first regulations to be aware of is the regulations governing business insurance in Kentucky. Like most states, Kentucky does not require businesses operating in the state to carry commercial liability insurance.

Kentucky is a pure comparative negligence state which means that the plaintiff can recover damages even if they are 99 percent at fault. There is also no personal injury in Kentucky and the statute of limitations is one year.

There are also some mandatory types of business insurance that are required in Kentucky. One type is required in almost all 50 states and is known as Worker's Compensation insurance. In Kentucky, if you have at least one full or part-time employee, then you're required to carry Worker's Compensation insurance. If you have a sole proprietorship where you are the only worker, then you're not required to carry.

You can contact the Kentucky Labor Cabinet to find out about exemptions. The only other type of mandated business insurance in Kentucky is commercial auto insurance if the vehicle is used regularly as part of the business.

Kentucky Personal Insurance

There are a couple of different types of personal insurance regulations that we will be covering. The first is auto insurance. In Kentucky, drivers are required to carry liability coverage that is $25,000 per person or $50,000 per accident as well as $10,000 for property damage. This is pretty much standard for auto insurance in most of the other states out there. Some are a little higher and some are lower.

There are also certain regulations governing life insurance in Kentucky. Life insurance is a regulated industry with the rules listed in Title 25 Chapter 304. One regulation is that Kentucky residents are permitted what is called a free look. That is available in almost every state. Illinois residents can have life insurance for 10 days and if at the end of those 10 days they have evaluated their policy and do not like it they can cancel for a full refund. In addition, Kentucky insurance companies must provide a grace period of 30 days.