Posted on May 19, 2014
Heavy rain, hailstorms and flooding are nothing new to Wyoming residents. The state has well earned its reputation for being part of "hail alley" where Mother Nature regularly causes damage during inclement weather.
In 2011 alone, insurance claims for hail storm damage in Wyoming and Colorado totaled 50,000, and June flooding from rain and snow melt caused so much flood damage to infrastructure and agriculture operations that the governor declared a disaster to receive federal assistance.
Commercial property insurance can provide the needed safety net for Wyoming business owners so that when hail, severe storms and flooding occur, the business operations can go on even when buildings and other personal business property is damaged or destroyed. Not all standard commercial insurance policies cover hail so businesses will want to make sure that hail is a covered event on their property insurance.
Flood coverage is also not available on business property policies. Separate policies may be purchased through the National Flood Insurance Program (NFIP). This federally funded insurance program offers flood insurance up to $1 million for businesses with $500,000 of coverage toward buildings and another $500,000 for business personal property inside buildings.
The importance of securing hail and flood insurance before an actual storm cannot be stressed enough. When a storm or flood is imminent, it is too late to purchase. Flood insurance, in particular, has a minimum 30 day waiting period for the coverage to go into effect. Plan ahead now before the snow melt and rainy season begins.