Flood Insurance – Are You Covered?

Cary Prater of Ollis & Co. looking fierce as he describes how he can hold his own in a jazz bar in Mexico… er, that is, how he can help ensure that you are correctly insured for all types of storm damage.

In Cary’s presentation today, we learned quite a bit about flood insurance, including:

  • Most property insurance does NOT include flood insurance coverage, which must be purchased separately,
  • Flood insurance is based on your (pre-determined) flood zone map and may be quite expensive, and map zones have changed recently,
  • Flood insurance rates are set by the NFIP (part of FEMA) and standardized across the nation, so all insurance carriers must offer the same premiums for the same coverage,
  • Your only potential recourse to high premiums is to obtain a “flood insurance elevation certificate”, which is a complicated process in itself.

If you have questions or concerns about flood insurance for your business, be sure to contact Cary at 417.881-8333.