San Antonio’s geographic location, urbanization, and recurring droughts have made the city particularly prone to flooding. Buying a flood insurance policy for your home is a wise idea as it can cover the huge cost of repairing structural damage, replacing appliances and personal belongings. Some private flood policies also offer reimbursement costs for staying elsewhere while your home is repaired. However, residential flood insurance may not be enough if you run a home-based business.
What’s the Difference Between Commercial and Residential Flood Insurance?
Residential and commercial flood insurance offer the same basic forms of coverage. However, a residential flood insurance policy won’t cover your business assets even if they are stored in your home. If you keep supplies, inventory, machinery, or other assets for your business in the house, you’ll have to pay out of pocket to repair or replace them if they’re damaged by flooding. You might need to combine commercial flood insurance for your business assets with a residential flood policy for your home’s structure.
Other Insurance Policies for Flood-Related Issues
Bear in mind that flood insurance on its own won’t meet all your needs after a catastrophic flood. You’ll need comprehensive auto insurance, which is different from collision and liability, to cover any vehicles you own. Business interruption insurance is also a must if you can’t run your business outside your house. If you have costly business assets, you may need specialized insurance with higher coverage limits than a regular flood insurance policy.
Call Ellis Insurance Agency serving San Antonio, TX, for More Information
Ellis Insurance Agency serves San Antonio, TX, area. We know from firsthand experience that flooding can have a devastating effect on any business in just about any industry. Call us to find out more about flood insurance coverage for your home-based business. We’ll help you review your policy options to pick insurance that meets your needs and budget.
