Commercial Flood Insurance

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Commercial Flood Insurance

Commercial flood insurance coverage is offered by the NFIP as well as private flood insurers like Neptune Insurance. Coastal Insurance Solutions offers both private commercial flood insurance as well as coverage from the NFIP for all types of risks:

  • Main Street Mercantile Commercial Buildings: An entire office, retail, restaurant, industrial, other non-residential building.
  • Mixed Use Buildings: Some residential and some commercial use in the same building. Coverage for the entire building.
  • Hotels, Motels, and Inns: Coverage for the entire building
  • Apartment or co-op: An entire apartment building or co-op
  • Residential Condo Building: Residential Condominium Building Association Policy – Requires condominium form of ownership.

With our online commercial flood insurance quote platform, simply enter your business address and confirm some details to compare customized flood insurance quotes in minutes.


Tropical commercial district with palm trees, illustrating the need for Commercial Flood Insurance.

Why should I consider private commercial flood insurance over NFIP coverage?

  • Shorter Waiting Period: While the NFIP has a strict 30-day waiting period, private market commercial flood insurance offers waiting periods as low as 10 days from carriers.
  • Optional Coverages: Private commercial flood insurance carriers offer optional coverages like Business Interruption, Loss of Rental Income and Replacement Cost Coverage for buildings.
  • Higher Limits: Private commercial flood insurance carriers offer significantly higher limits to business than the NFIP. Commercial buildings can be insured up to $4,000,000 with private market insurers like Neptune while the NFIP features a $500,000 limit.

Understanding Commercial Flood Insurance Coverage

Commercial flood insurance provides essential protection for businesses facing the threat of flooding. However, it’s essential to understand what is (and is not) covered by these policies to ensure adequate protection for your business assets. While commercial flood insurance reimburses you for certain damages, it’s important to note that not everything is covered. Let’s explore what is typically covered and what is not:

What is Typically Covered?

  • Actual Cash Value Coverage: This coverage reimburses you for the actual cash value of damaged property, which is calculated as the replacement cost less depreciation.
  • Building Foundations: The policy covers damage to building foundations caused by flooding.
  • Furnaces / Water Heaters / Fuel Tanks: Damage to essential building equipment such as furnaces, water heaters, and fuel tanks is typically covered.
  • Permanently Installed Property: Permanent fixtures and installations within your building, such as flooring and built-in shelving, are covered.
  • Appliances (Limited): Some appliances may be covered under the policy, although coverage may be limited.
  • Detached Garages: Damage to detached garages on your property is typically covered under commercial flood insurance.
  • Business Property Inside Your Building (Limited): Certain business property inside your building may be covered, although coverage may be limited.
  • Prevention, Protection, and Cleanup Costs: Costs associated with preventing, protecting against, and cleaning up after a flood event are covered.
  • Mold Remediation: The policy typically covers mold remediation expenses resulting from flood damage.

What is Not Typically Covered?

  • Replacement Cost Coverage: Unlike actual cash value coverage, replacement cost coverage, which reimburses you for the full cost of replacing damaged property without factoring in depreciation, is not typically included. Replacement cost coverage on the building is an option with some private flood insurers.
  • Business Vehicles: Damage to business vehicles caused by flooding is not covered under commercial flood insurance.
  • Personal Property: Personal property belonging to employees or customers is not covered under the policy.
  • Lost Business Income: Business income lost due to interruption caused by flooding is not typically covered. Some private flood insurers do offer optional Business Interruption coverage as well as loss of rental income coverage.
  • Business Property Outside of Your Building: Property located outside of your building, such as signage or outdoor equipment, is not covered.
  • Landscaping: Damage to landscaping features, such as trees, plants, and gardens, is not typically covered.
  • Septic Systems: Damage to septic systems on your property is not covered under commercial flood insurance.
  • Damage During the Waiting Period: Any damage that occurs during the waiting period after obtaining a policy is not covered. The waiting period is 30 days for NFIP policies and as little as 10 day with private market options like Neptune Flood.

It’s essential for business owners to review their commercial flood insurance policy carefully to understand its limitations and exclusions. While commercial flood insurance provides vital protection for businesses, it’s important to supplement coverage with additional policies as needed to ensure comprehensive protection against all potential risks. Coastal Insurance Solutions is here to help businesses navigate their insurance options and find the right coverage to safeguard their operations.

Waterfront commercial property at risk of flooding, demonstrating the importance of Commercial Flood Insurance.

How much does commercial flood insurance cost?

Whether you’re mandated by your lender or landlord or have personal concerns about flooding, understanding the cost of commercial flood insurance is crucial for protecting your business assets. We recognize that cost is a significant consideration, especially when managing the expenses of running a business. Let’s dive into the factors that influence the cost of commercial flood insurance.

Factors Influencing Cost:

Flood Insurance Limits:

  • Flood insurance policies have coverage limits, up to $500,000 for building coverage and $100,000 for personal property coverage with the NFIP. Higher limits are available with excess flood coverage or with a private market commercial flood insurance policy. Your choice of limits will affect your premium, with higher limits resulting in higher premiums.


  • Like other types of insurance, flood insurance comes with deductibles ranging from $1,000 to $50,000. Choosing a higher deductible lowers your premium, while a lower deductible increases it.

Flood Zone:

  • The flood zone where your property is located has a significant impact on your insurance cost. Properties in high-risk flood zones incur higher premiums due to increased risk. You can determine your flood zone by consulting FEMA’s Flood Map Service Center.

Prior Claims:

  • If you’ve filed previous flood insurance claims, insurers may view you as a higher risk and charge higher premiums accordingly.

Other Factors:

  • Insurance carriers also consider additional factors such as building structure, foundation type, and the location of belongings when calculating premiums.
  • For businesses that own their office building, flood insurance premiums are going to be higher as coverage for the building is necessary
  • If you’re leasing your business location, flood insurance is generally more affordable. Since the policy would only cover your business belongings, not the building itself (which is the landlord’s responsibility), the cost is typically a few hundred dollars.

Understanding the factors influencing the cost of commercial flood insurance allows you to make informed decisions to protect your business. By working with Coastal Insurance Solutions, you can explore your coverage options and receive personalized quotes tailored to your specific needs. Contact us today to learn more about commercial flood insurance and find the right coverage at the best price for your business.

Is my business required to buy flood insurance from my lender?

If your business is located in a flood zone and you have a loan, your lender may require you to obtain flood insurance as part of the loan agreement. However, you are not obligated to purchase flood insurance directly from your lender. While your lender may mandate flood insurance coverage to protect their investment in the property, you have the flexibility to choose where to purchase your flood insurance policy. It’s essential to understand that while your lender may specify the need for flood insurance, they typically do not dictate where you obtain the coverage. As a business owner, you have the freedom to shop around for flood insurance quotes from different insurers to find the policy that best fits your needs and budget. Compare quotes from the top flood insurance insurers in minutes with our online flood quote platform. At Coastal Insurance Solutions, we understand the importance of finding the right flood insurance coverage for your business. Our experienced agents can help you navigate lender requirements, assess your flood risk, and explore insurance options tailored to your specific circumstances. Contact us today to learn more about flood insurance and ensure your business is adequately protected against flood-related risks.

Does my business need commercial flood insurance?

Considering whether your business requires commercial flood insurance is essential for protecting your assets against unforeseen flood events. While most commercial property insurance policies do not cover flood damage, evaluating specific factors can help you determine if flood insurance is necessary for your business. Here are some key considerations to help you make an informed decision:

Factors to Consider:

  1. Topography: Does your business property sit on flat or downward-sloping land that could lead to water accumulation during heavy rainfall or flooding events?
  2. Climate: Are you located in an area prone to warm springs followed by cold, snowy winters? Such weather patterns increase the risk of flooding due to snowmelt and spring runoff.
  3. Proximity to Water Bodies: Do you have streams, rivers, or large bodies of water near your business premises? Properties near water bodies are at higher risk of flooding, especially during periods of heavy rain or storm surges.
  4. Adjacent Infrastructure: Are there dams or levees in close proximity to your business location? Properties located near dams or levees may be at increased risk of flooding if these structures fail or are breached.

Assessing Your Risk:

If you answered yes to any of the questions above, your business may be at a heightened risk of flooding compared to others. In such cases, obtaining flood insurance is a prudent step to protect your business assets from potential financial losses. Determining whether your business needs commercial flood insurance requires careful consideration of various factors related to your location, topography, and climate. Coastal Insurance Solutions is here to help you assess your risk and find the right flood insurance coverage tailored to your business needs. Contact us today to learn more about commercial flood insurance options and ensure your business is adequately protected against flood-related risks.

What about Federal Assistance for Flood Damage?

If your business does not have a commercial flood insurance policy, you may wonder if FEMA can provide assistance in the event of flood damage. While FEMA may offer emergency aid if your location is declared a disaster area, this assistance is limited and may not fully cover all losses. FEMA assistance typically includes reimbursement for specific coverages and repairs, but it may not be sufficient to address all damages. Additionally, eligibility for FEMA assistance is contingent upon your location being declared a disaster area, which is not guaranteed. In some cases, you may also qualify for a Small Business Administration (SBA) Disaster Loan to help with recovery efforts. However, relying solely on federal assistance leaves your business vulnerable to gaps in coverage and potential eligibility limitations. Commercial flood insurance is the most reliable way to ensure comprehensive coverage for flood-related damages.

What is a Residential Condominium Building Association Policy (RCBAP)?

The RCBAP is a master flood insurance policy issued by the NFIP and private market flood insurers like Neptune Flood for residential condominiums. The RCBAP is purchased by the condominium owners’ association. The NFIP RCBAP Flood policy has building coverage limits of $250,000 per unit/per building and $100,000 of contents coverage. Private market flood options offer high building limits of up to $10,000,000 per building as well as contents coverage as ahigh as $500,000.

Excess Commercial Flood Insurance

If your business already has an NFIP policy and you would like to explore additional coverage above the existing limits, you may want to consider excess flood insurance. Stack excess coverage on top of an NFIP policy and add optional primary coverages to ensure you have the proper protections in place for your business. Partner with the experienced team at Coastal Insurance Solutions to review your current coverage and decide on the best way to protect your business. While adding excess flood insurance coverage to an existing NFIP policy might satisfy coverage requirements, often it’s better to simply replace the NFIP policy with a private market policy featuring higher coverage limits and additional coverage options.

Compare Commercial Flood Insurance Quotes Online

Businessowners can compare flood insurance quotes online in minutes with Coastal. Simply enter your address and a few details about your business and you will be comparing multiple online quotes in under 3 minutes. Count on the flood insurance experts at Coastal Insurance Solutions to guide you through your options and ensure you have the coverage needed to better protect your business

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