Why do law firms need flood insurance?

Flood Insurance

One of the insurance coverages needed by law firms, but purchased by very few, is flood insurance. While this coverage may not seem necessary, the flood definition is broad and includes much more than just a standard flood.

While we usually envision floods as large overflowing rivers that inundate towns, insurance companies define a flood as the following:

• Flood, surface water, waves, or tidal water.
• Water that backs up through sewers or drains or overflows or is discharged from a pump.
• Water below the ground surface, including water that exerts pressure on or seeps or leaks through a building, sidewalk, driveway, foundation, swimming pool, or other structure.

Additionally, did you know that:

• Floods are the nation’s #1 natural disaster.
• Six out of every ten declared disasters involve flooding.
• About 25% of all flood claims happen in “low to moderate” risk areas.
• Changes to land caused by new construction or forest fires make homes more susceptible to floods.

With these items in mind, it’s easy to see why flood insurance is essential to consider as a law firm. If you would like to receive some quotes for this coverage for your firm, please get in touch with our office.