Orlando, Fla.—Remember how many times we previously emphasized how your business in Florida must include an adequate flood insurance to protect you from severe financial loss. After Ian’s path through Florida, as of Oct. 11, FEMA’s National Flood Insurance Program (NFIP) has received more than 35,000 flood insurance claims and paid more than $48 million to policyholders, including $35 million in advance payments.

National Flood Insurance Program Florida policyholders who had flood damage from the hurricane now have a 90-day window to renew their policies. The extension applies to policies with renewal dates beginning Aug. 25, through Oct. 23. Policyholders whose policy renewal date is in this range should contact their agent or insurance company. FEMA also extended the proof of loss requirement for flood insurance policyholders in Florida who suffered flood damage from Hurricane Ian from 60 to 365 days.  

Business wise, if you encountered any of the following two situations you may also benefit from a Small Business Administration (SBA) loan:

• Losses not covered by insurance or funding from the Federal Emergency Management Agency for both personal and business.
• Business operating expenses that could have been met had the disaster not occurred.

SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters. They have approved $31 million in low-interest disaster loans to homeowners, renters and business owners. Business Recovery Centers are located in Collier, DeSoto, Hillsborough, Lee and Seminole counties.

There are four different types of disaster loans

1. Physical damage loans— These are loans created to cover repairs and replacement of physical assets damaged in a declared disaster. Homeowners, renters, nonprofit organizations, and businesses of all sizes are eligible to apply for physical disaster assistance.
2. Mitigation assistance—Provides funding to cover small business operating expenses after a declared disaster. This helps protect your home or business against future disasters. Rebuilding stronger is within reach.
3. Economic injury disaster loans—This loan provides economic relief to small businesses and nonprofit organizations that have suffered damage to their home or personal property. Small businesses, small agricultural cooperatives, and most private nonprofit organizations located in a declared disaster area and which have suffered substantial economic injury may be eligible for an SBA Economic Injury Disaster Loan (EIDL).
4. Military reservist loan—SBA provides loans to help eligible small businesses with operating expenses to make up for employees on active duty leave. If you have an essential employee who is a military reservist called to active duty, SBA provides loans to help eligible small businesses with operating expenses.

At Garzor Insurance we care about your business. Our experienced professionals are dedicated to providing commercial insurance in Florida as well as Texas, and now many other states across the U.S. If you also have questions about truck or other commercial vehicles insurance, or any other business insurance aspects, please do not hesitate to visit us online at Garzor Insurance, or you may want to call us directly at (321) 206-8035. 

Mariana Morante
Licensed Insurance Agent