Flood insurance is one area of coverage that many homeowners and businesses neglect when purchasing their insurance policies.  Residential and Commercial building owners need to realize the following when assessing their insurance needs.   

• Standard home insurance policies do not cover damage caused by a flood.

• Standard business property insurance policies do not cover damage caused by a flood.

• The only way to find flood coverage (for most) is to get protection through the National Flood Insurance Plan (NFIP).

• Even with flood insurance through the NFIP, you won't have coverage for the loss of business income that comes from being shut down due to a flood.

Keeping things brief, the peril of flood is a risk management challenge for most people and most businesses.  It is recommended that you talk with your insurance advisor for more information.  If you ever find yourself in a situation where you sustain flood damage but lack insurance you should always negotiate with your contractor to keep costs to a minimum.  Make sure to review all invoices for inaccurate costs or charges related to labor, material and equipment.  If you lack the expertise to review the charges have BRCCreview the billing.  Remember there is never a fee for a BRCC audit unless you save money.