RLI's Home Business Insurance: Protecting Your Home Business in the Event of an Inland Flood
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With changing weather patterns causing more severe and frequent rainstorms and snowstorms with significant snowmelt, the threat of costly flood damage due to inland flooding is growing. Today, even home-based business owners in normally low to moderate flood risk areas need coverage.
RLI's New, Affordable Coverage
RLI has partnered with Munich RE to provide affordable, inland flood insurance to cover the most common flood exposures. We offer Inland Flood Coverage as an endorsement to our Home Business Insurance policies.
Designed specifically for home-based business owners in lower flood risk areas, this coverage is affordable and insures the most common flood exposures. The endorsement covers:
- Business Personal Property
- Business Income and Extra Expense
- Business Personal Property Removed to Safety
- Limited Fungi, Wet Rot or Dry Rot
Exclusions include, but are not limited to, damage to business personal property not inside the home, sump pump discharge or overflow, or back up of sewers or drains, unless caused by flood. Eligibility includes single and multiple family dwellings (1-4 condo units) in all FEMA Flood Zones except those beginning with A and V prefixes, and it does not satisfy federally-regulated mortgage lender requirements.
Protecting a Home Business: A Claims Example
A creek behind a home overflowed, inundating normally dry land and causing damage. Water entered the basement through the windows, and the sump pump could not handle the excess water from the flood. In addition, there was a clear watermark on the outside of the home. The insured had $15,000 of Inland Flood Coverage Limit with a $500 deductible.
HOW RLI'S INLAND FLOOD COVERAGE APPLIED
| Damage to business personal property in the basement | $10,200 |
| Lost revenues due to business interruption | $5,700 |
| Total Damage: | $15,900 |
| Deductible | $500 |
| Full Limit Paid to Insured: | $15,000 |
Find out how our new Inland Flood Coverage fills a growing coverage gap and protects home-based business owners against serious losses that can come with a damaging flood. Visit our RLI administrator today
