James' World 2

Click the link below the picture

.

The devastating and tragic floods that have killed at least 120 people in Texas were the latest in an increasingly familiar tale of extreme rain and its devastating consequences. Whether it’s so-called 1,000-year rain events like the one seen in the Texas Hill Country or the effect of tropical activity, like central North Carolina saw when Tropical Storm Chantal moved inland, there have been more and more headlines of communities being caught by surprise.

The economic losses can also add up. The Texas floods caused an estimated $18 billion to $22 billion in damages and economic loss. Last year, Asheville, North Carolina, saw damages of at least $53 billion after Hurricane Helene stalled over the city. And recent flooding in New Mexico and Chapel Hill, North Carolina, also damaged homes and businesses.

More floods are likely on the way, scientists warn. Global warming is creating conditions that are more suited for bigger storms. (Warm air holds more moisture.) Outdated infrastructure, inadequate warning systems, and cuts to the National Oceanic and Atmospheric Administration, which runs the National Weather Service, are only going to make matters worse.

For business owners, a flood can be catastrophic, even if business was going well beforehand. While there’s little you can do to stop flood waters from entering your offices, especially in the event of a flash flood, there are steps you can take to protect yourself in the aftermath, and a few that might offer some protections to founders who are looking for a new space.

Scout the location

While it’s critical for some businesses, like retailers, to be in a convenient spot for foot traffic, it’s important to consider the locational risks before you sign a lease or buy a building. Find out if the building is in a flood zone (FEMA has a handy tool that lets you search by address, and the First Street Foundation’s Flood Factor is another way to assess risk). If it’s a high-risk zone, consider another location. If it’s low, that’s good, but that doesn’t mean you’ll want to bypass getting flood insurance.

Get the right insurance

Once you understand the risks of your business’s location, make sure you’re insured. Note that commercial property insurance will not cover you in the event of a flood. You’ll need to get specific commercial flood insurance to protect both the physical location of your business as well as all of its contents. The National Flood Insurance Program (NFIP) from FEMA will cover up to $500,000 in losses, and it’s generally the most affordable option.

If that amount is insufficient in the event of a complete loss, consider private flood insurance, which might offer broader coverage, but be prepared to pay more for it (perhaps a lot more). And some private insurers won’t offer coverage in areas that are more likely to experience flooding. Additionally, business interruption insurance often has exclusions for flooding.

Just because you’re not in a high-risk area doesn’t mean you’re safe. The NFIP points out that one-third of the flood insurance claims it receives occur outside high flood risk areas.

Design your business with a flood in mind

If you’ve yet to begin construction on your business or are in the process renovating, there are steps you can take that will make recovery easier in the event of a flood. Opt for tile instead of carpet when you’re installing the floors. Installing cement board instead of drywall will make it much easier to reopen sooner, as it doesn’t absorb water and won’t attract mold. Rather than wooden baseboards, go with a composite material. If you’re building from scratch, place your electrical outlets higher than normal, which could prevent them from taking in water if disaster strikes. And if it’s practical to elevate the building, consider that.

Have a plan in place

Chaos follows any natural disaster. And, sadly, scammers do as well. The best way to avoid both is to have an emergency plan in place. Have contractors on retainer, so you can reopen as soon as possible. Never work with a repair company you’re unfamiliar with that claims to “know the system” or shows up promising miracles after the flood. (Having a regular contractor can also be beneficial in non-emergency times.)

.

A man looks at a damaged road after severe flash flooding in Hunt, Texas. Photo: Getty Images

.

.

Click the link below for the complete article:

.

__________________________________________