Flood Insurance - Again

The flooding in the Midwest is devastating those river communities. It is yet another example of why your business needs flood insurance if it is in a coastal or riverside community or in a flood plain. Business insurance is about risk management. Yes, you will pay premiums in years that are as dry as a bone. But, your business will not be wiped out when the flood comes--and, the flood always comes eventually.

An article in the Minneapolis Star Tribune illustrates what can happen when business owners and home owners rely on a hope that the government or some other entity provides all the protection they need from flooding. Gulfport, Illinois, a town of 750, had only 28 insured properties when its levy broke on Tuesday. Residents there blame this lack of insurance on the Federal Emergency Management Agency (FEMA). They claim that FEMA assurances and certifications led them to believe flood insurance was not necessary.

I have posted the link to Floodsmart.gov before. It is the National Flood Insurance Program's website and it provides a wealth of information. This includes a one-stop risk assessment box where you can type in your address and get a risk estimate and premium estimates.