Palm Beach business flood insurance
Commercial Flood Insurance in Palm Beach County
Palm Beach County has 58,747 commercial NFIP flood policies, and FEMA's flood program has paid $8.6 million on 257 commercial claims in the county in 10 years. An NFIP business policy covers up to $500,000 for the building and $500,000 for what is inside, and never pays for the days you are closed.
Type your Palm Beach business address to see its flood zone and whether a lender will require a policy.
Check my business addressReviewed by a licensed, independent insurance agent.
How much has the NFIP paid on Palm Beach County business and condo buildings?
Flood claims paid in Palm Beach County in the last 10 years, by building type
- Condo association buildings 81 claims $2.3M
- Other nonresidential buildings (stores, offices, warehouses, hotels and more) 90 claims $6.1M
- Apartment buildings, 5 or more units 86 claims $231,651
The events behind the biggest Palm Beach claims
- Hurricane Irma 131 claims $2M
- Tropical Storm Alex 3 claims $560,767
- Hurricane Eta 5 claims $79,669
- Hurricane Matthew 3 claims $370
The 58,747 policies count each unit under a condo association's master policy. 3,976 of them are on nonresidential buildings like stores, offices and warehouses.
What does that mean for a business owner in Palm Beach County?
Hurricane Irma was the biggest single event in Palm Beach County, with 131 commercial claims and $2 million, about 23% of the 10-year total.
Next came Tropical Storm Alex, with $560,767 paid on Palm Beach commercial buildings.
Palm Beach County has many commercial policies but few claims: 257 in 10 years. Few claims is not the same as no risk. A lender still looks at the flood zone.
A flood policy pays to fix the building and replace what was inside. It does not pay for the days you are closed or the sales you lose.
Cover for lost income can only come from a private policy that says so in writing. Ask to see that line before you buy.
How much can an NFIP business policy cover?
| Building type | Building | Contents |
|---|---|---|
| Business building (stores, offices, warehouses) | $500,000 | $500,000 |
| Apartment building, 5 or more units | $500,000 | $100,000 |
| Condo association building | Up to $250,000 per unit | $100,000 |
Contents limits are per policy, not per building. Each tenant in a Palm Beach strip mall can buy its own contents policy.
Does my lender or the SBA require flood insurance in Palm Beach County?
If a Palm Beach building is in a high-risk flood zone and secures a loan from a federally regulated lender, the lender must require flood insurance. That is true for business buildings too.
The policy must cover at least the loan balance or the NFIP maximum, whichever is less. For a business building, that is $500,000.
An SBA disaster loan that helps rebuild a business building in a high-risk zone comes with a flood insurance rule too.
A new NFIP policy usually starts 30 days after you buy it. There is no wait when you buy it as part of making, increasing, extending or renewing a loan on the building.
Check my business addressWho do I call in Palm Beach County about flood rules for a building?
For a building outside city limits, call the Palm Beach County Building Division Floodplain Team at (561) 233-5100, or read the county's flood page.
Cities in Palm Beach County run their own floodplain offices. For flood zones, claims and local help across the county, read the Palm Beach County flood insurance page.
What about condo associations and apartment buildings?
Condo association buildings in Palm Beach County had 81 flood claims and $2.3 million paid in 10 years. Apartment buildings with 5 or more units had 86 claims and $231,651 paid.
Read the Florida condo association flood guide or the Florida rental property flood guide.
Can I get more than $500,000?
Yes. Private flood insurance can be bought on top of the NFIP policy. Read about excess flood insurance.
For the rules in full, read commercial flood insurance in Florida.
What does your Palm Beach business address need?
The report shows the flood zone, whether a lender will require a policy, and the claims record near the building. If you want options, a licensed, independent insurance agent compares them for your building.
Questions about commercial flood insurance in Palm Beach County?
Does business insurance cover flood damage in Palm Beach County?
Usually not. Most commercial property policies leave flood out, so a building owner in Palm Beach County buys flood as its own policy, up to $500,000 for the building and $500,000 for contents from the NFIP.
Is flood insurance required for a commercial loan in Palm Beach County?
Yes, if the building is in a high-risk flood zone and secures a loan from a federally regulated lender. Check the Palm Beach address first: the flood zone decides the requirement.
How long until a commercial flood policy starts?
An NFIP policy for a Palm Beach County building usually starts 30 days after you buy it. There is no wait when you buy it as part of making, increasing, extending or renewing a loan on the building.
Who handles flood permits in Palm Beach County?
For buildings outside city limits, ask the Palm Beach County Building Division Floodplain Team. Its phone number is in the section above. Cities in Palm Beach County run their own floodplain offices.