Get commercial flood insurance quotes, cost & coverage fast. TX 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
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 Texas commercial flood insurance, you definitely don't want to neglect being covered.
While many business owners might think that Texas 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 TX 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 Texas commercial flood insurance policy if:
- Your business is located in an area in TX 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 Texas 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 Texas 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 Texas Commercial Flood Insurance Doesn't Cover
TX business flood insurance typically does not cover:
- Precious metals
- Stock certificates
- Bearer bonds
- Trees & plants
- Wells & Septic systems
- Retaining walls
- Storm shelters
- Loss of income
- Post-flood mold damage
- Sewer backups
How Much Does Texas Commercial Flood Insurance Cost?
How much does Texas commercial flood insurance cost? This is the question most on TX business owners mind when they are shopping for a flood policy. Texas 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 TX 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.
Further Reading On Flood Insurance
Floods can happen suddenly and can do tremendous amounts of damage. Following is some more useful information about flood insurance polices:
- Commercial Flood Insurance
- Flood Insurance Requirements For Commercial Property
- Homeowners Insurance vs Flood Insurance
- How Does Excess Flood Insurance Work?
- How To Sell A Home In A Flood Zone
- Private Flood Insurance vs NFIP Coverage (FEMA)
TX Commercial Flood Insurance Quotes
Request a Texas Flood Insurance quote in Abilene, Allen, Amarillo, Arlington, Austin, Baytown, Beaumont, Brownsville, Bryan, Carrollton, College Station, Corpus Christi, Dallas, Denton, Edinburg, El Paso, Flower Mound, Fort Worth, Frisco, Garland, Grand Prairie, Houston, Irving, Killeen, Laredo, League City, Lewisville, Longview, Lubbock, McAllen, McKinney, Mesquite, Midland, Mission, Missouri City, Odessa, Pasadena, Pearland, Pharr, Plano, Richardson, Round Rock, San Angelo, San Antonio, Sugar Land, Temple, The Woodlands, Tyler, Waco, Wichita Falls and all other cities in TX.
Texas Insurance Rules And Regulations
In Texas, there are certain regulations governing insurance that you should be aware of. We will be discussing some of the personal and business insurance types that are mandated by law, as well as insurance types that are not necessarily mandated by law but may be useful. For example, almost every business out there carries commercial liability insurance even though there is no law stipulating that general liability must be carried by a business in order to operate within the state. We'll be looking closely at the regulations and these types of insurance in TX.
Texas Business Insurance
When it comes to business insurance, there is one type of insurance that is most common above all others - general liability insurance. This is sometimes called commercial liability insurance, and it provides payments for those businesses that have legal trouble as the result of something happening on their premises. There are many different things that general liability covers, and since businesses do not have total control over what can happen on their property, most business carry it.
However, there are also certain types of business insurance that are required by law. However Texas is a lot less stringent when it comes to insurance than most of the states out there. In fact, the only type of insurance that you can apply to business that is regulated by law is the state-mandated insurance limits that are required for drivers. Most states require Workers Comp, and most of them also require commercial auto insurance for commercial vehicles. However, Texas does not have this requirement.
TX Personal Insurance
There are a couple of different types of insurance that will be discussing in this section. Many states require that commercial vehicles carry commercial auto insurance, but in Texas, it is simply required that all drivers carry $30,000 for bodily injury liability for a single person and $60,000 per accident as well as $25,000 for property damage. This is sufficient for both personal insurance and commercial insurance.
As for life insurance, they are regulated by certain state statutes in Texas and cover things like a 30 day grace period for payments and protection of death claim from bankruptcy. These are the only two types of life insurance regulations that are present within the state of Texas. Texas does not provide a free look mandate like many of the states out there.
If you are looking for state specific Commercial Flood Insurance quotes, costs and information: California Commercial Flood Insurance, Colorado Commercial Flood Insurance, Delaware Commercial Flood Insurance, Florida Commercial Flood Insurance, Illinois Commercial Flood Insurance, Kentucky Commercial Flood Insurance, New Jersey Commercial Flood Insurance, New York Commercial Flood Insurance, Oregon Commercial Flood Insurance, Pennsylvania Commercial Flood Insurance, Texas Commercial Flood Insurance, Washington Commercial Flood Insurance.