Of all the natural disasters, floods are the most common. Yet many businesses and homeowners do not carry insurance to protect them from this potentially devastating risk. The standard ISO commercial property and businessowners policies do not provide coverage for flood damage and thus coverage must be purchased separately from the National Flood Insurance Program (NFIP) through authorized insurers, or from some private insurers who have their own policies called “write your own” (WYO). The NFIP is a federal program administered by insurance professionals that will cover all types of floods, including flash floods, storm surges, mudslides or snowmelts. Flood policies offered by private insurers may differ in the type of flood events covered.
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