Oklahoma Flood Insurance

What is Flood Insurance?

Flood Insurance policies cover physical damage to your property and possessions that are a result of flooding. Since most commercial property insurance policies do not cover flood damage, you may need this insurance as a separate policy.

Our Flood Insurance provider is the federal government’s National Flood Insurance Program (NFIP), managed by the Federal Emergency Management Agency (FEMA).

flood-insurance.png

 How Much General Liability Coverage Does Your Business Need?

The NFIP General Property Form offers commercial policies coverage for:

  • Building Property up to $500,000.

  • Personal Property up to $500,000.

  • Higher limits available through Private Insurance markets.

Flood Insurance Deductibles

Choosing the amount of your deductible is an important decision. As with car or homeowners insurance, choosing a higher deductible will lower the premium you pay, but it also will reduce your claim payment. You can choose a deductible for Building Property and Personal Property coverage. The deductibles will apply separately to Building Property and Personal Property claims.

 What Does Flood Insurance Cover?

Building Property

  • The insured building and its foundation

  • Electrical and plumbing systems

  • Central air conditioning equipment, furnaces, and water heaters

  • Refrigerators, cooking stoves, and built-in appliances such as dishwashers

  • Permanently installed carpeting over unfinished flooring

  • Permanently installed paneling, wallboard, bookcases, and cabinets

  • Window blinds

  • Detached garages (up to 10 percent of Building Property coverage) Detached buildings (other than garages) require a separate Building Property policy

  • Debris removal

Personal Contents Property

  • Personal belongings, such as clothing, furniture, and electronic equipment

  • Curtains

  • Portable and window air conditioners

  • Portable microwave ovens and portable dishwashers

  • Carpets that are not included in building coverage

  • Clothing washers and dryers

  • Food freezers and the food in them

  • Certain valuable items such as original artwork and furs (up to $2,500)

What Does Flood Insurance Not Cover?

  • Damage caused by moisture, mildew, or mold that could have been avoided by the property owner

  • Currency, precious metals, and valuable papers such as stock certificates

  • Property and belongings outside of an insured building such as trees, plants, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs, and swimming pools

  • Living expenses such as temporary housing

  • Financial losses caused by business interruption or loss of use of insured property

  • Most self-propelled vehicles such as cars, including their parts (see Section IV.5 in your policy)

  • Flood Insurance for Basements and Areas Below the Lowest Elevated Floor

  • Coverage is limited in basements regardless of zone or date of construction. It's also limited in areas below the lowest elevated floor, depending on the flood zone and date of construction. These areas include:

  • Basements

  • Crawl spaces under an elevated building

  • Enclosed areas beneath buildings elevated on full-story foundation walls that are sometimes referred to as "walkout basements"

  • Enclosed areas under other types of elevated buildings

  • Make sure to ask your risk advisor for additional details on your basement coverage