Commercial or business insurance typically doesn't cover flood damage. However, through the National Flood Insurance Program (NFIP) (www.fema.gov) you can buy coverage from an insurance agent and company.
- $500,000 for the structure
- $500,000 for the contents
Where to find more coverage
Talk to your insurance agent or broker. You may need to buy it through surplus line (www.surpluslines.org). This is a segment of insurance we don't regulate, so make sure you know what the policy does and doesn't cover.
If your agent or broker doesn't handle surplus line coverage, you can get a list of brokerage firms (www.surpluslines.org) from the Surplus Lines Association of Washington.
Look for a company with a higher rating, such as A- or better. You can check the company's rating through a rating service, such as:
A.M. Best Co (www.ambest.com)
Moody’s Investor Service, Inc. (www.moodys.com)
Standard & Poors (S&P) (www.standardpoors.com)
Duff & Phelps (www.duffandphelps.com)
When your policy takes effect
National Flood Insurance Program policies go into effect 30 days after the policy is written, unless the policy is required to qualify for a mortgage.
Surplus line policies typically don't have a waiting period.