Flooding is a significant and often underestimated risk that can cripple businesses and organizations nationwide. Many business owners are surprised to learn that standard commercial business insurance policies rarely cover the extensive damage caused by flood events, including instances of broken pipes, backed-up sewers, or other water intrusions. Without proper flood coverage, businesses are left to shoulder the immense financial burden of replacing critical assets like computer servers, cabling and wiring, electronics, office furniture, and invaluable physical and digital files.

At Wagley Agency Insurance Group, we understand that an unexpected and uncovered flooding event can be devastating, extending far beyond the immediate cost of property replacement. The long-term effort to recover data, reconfigure digital infrastructure, and navigate the complex path to financial recovery can be overwhelming. That’s why we specialize in providing customized flood insurance solutions designed to protect your organization from these unforeseen perils.

The world of flood insurance is constantly evolving. In October 2021, the National Flood Insurance Program (NFIP), managed by FEMA, implemented Risk Rating 2.0. This new flood risk rating system utilizes advanced technology and current rebuilding cost information to deliver flood insurance rates that aim to be more actuarily sound, equitable, and easier to understand for property owners across the United States.

Understanding how NFIP Risk Rating 2.0 might impact your flood insurance premiums and coverage options is crucial. The expert agents at Wagley Agency work diligently with clients from coast to coast to ensure they are fully informed about these changes. We’ll address all your questions and help you understand how these updates might affect your business flood insurance policy.

Beyond the NFIP, Wagley Agency also offers access to private flood insurance markets. These private flood insurance companies operate with different rating factors than the NFIP, often leading to potentially more affordable flood insurance options for businesses. Our team will meticulously compare private market flood insurance quotes to NFIP policies to determine if you qualify for a preferred flood insurance rate in the private market. This extensive comparison ensures you get the best flood insurance coverage at the most competitive flood insurance cost.