Jun 15, 2017

Analyze your flood, rising water risk

{Sponsored} Many weather-related disasters are contained to specific regions, but there is one that can affect growers in every state — flooding. Coastal regions, specifically southeastern states, usually come to mind because of tropical storms and hurricanes. Even if a grower is not in an area that can be directly hit by a hurricane, effects like heavy rain could be experienced.

Why should a grower located in-land consider adding flood coverage? There are many situations aside from heavy rain that may cause flooding, including fast melting snow, mudslides, failed dams, overtopped levees and even new construction.

All growers should assess flood risk when considering what coverage will be included in their insurance policy. Regardless of location, there are three types of flood risk areas:

High-Risk: Areas near an ocean or lakes and rivers, may be subject to rising waters due to heavy rain or even tropical storms and hurricanes. Businesses located in high-risk areas may often be required to purchase flood insurance.

Low- to Moderate-Risk: The chance of flooding is reduced in these areas, but the potential cannot be dismissed. Flood insurance is usually not required; however, it is highly recommended for businesses.

Other areas may be described as having an undetermined-risk. This means an analysis of flood risk has not been completed in these types of areas, but the risk still exists. The Federal Emergency Management Agency provides further explanation of risk areas and searchable flood maps for a specific address at www.fema.gov/flood-zones.

Once you have determined your risk, contact a Hortica agent to learn about coverage options. The National Flood Insurance Program offers flood insurance for eligible businesses. For business in a low- to moderate-risk area, a preferred risk policy gives you up to $500,000 of coverage for your buildings and up to $500,000 on the contents inside at low preferred rates. A standard rated policy provides similar coverage for businesses located in a high-risk zone — but at higher rates.

Several factors or characteristics of a building or facility are used in calculating premiums, such as:

• Year of building construction
• Building occupancy
• Size of the building
• Flood risk location
• Level of lowest floor in relation to elevation requirement
• Deductible chosen and the amount of contents and building coverage

When considering adding this coverage to your policy, keep in mind that flood insurance rules require a 30-day waiting period before the policy can kick in.

Visit www.hortica.com to see how you can work with a Hortica® agent to make an informed decision when adding flood coverage to your policy.

Hortica® property and casualty coverages are underwritten, and loss control services are provided, by Florists’ Mutual Insurance Company and Florists’ Insurance Company, members of the Sentry Insurance Group. For more information, visit hortica.com. Policies, coverages, benefits and discounts are not available in all states. See policy for complete coverage details.
77-41E                                                                                                          24001969 6/21/17