I was going off of their FB message which said they weren't in as bad of shape as their peers...
But I see Katie has a gofundme going for Tersiguels with some detail....
- 1st floor flooded, lost their wine cellar...
- Haven't been able to enter the building to determine the full extent of the damage...
- Insurance for them (and the others) didn't include flood insurance, so will have to rebuild on their own...
Well this is bad.
How can you own a business on Main Street and not include flood insurance in your policy?
Yeah this is surprising to me. I've got friends who live nearby, and I'm about 95% certain that Old EC is in an official flood zone, which means that any mortgage company that gives someone a loan for a house there will insist that they carry flood insurance (which is not a part of typical homeowner's insurance), same deal applies to lower Fells Point, it floods frequently so anybody who owns a house there has to get flood insurance in order for the bank to sign off on the loan.
Obviously commercial real estate must have different rules, because this isn't the first place I've heard mention that they didn't have any flood insurance. My guess would be the landlord/owners have to carry flood insurance on the structure, but maybe the tenants (businesses) can decide whether or not they get insurance on their possessions and most have decided against it. Just a guess, though. Hope most of the places down there are properly insured and don't have to eat all these losses. Hard to see a business come back from that sort of loss without any insurance.