Filing Commercial Flood Claims Isn’t an Easy Task—But That Shouldn’t Concern You
It’s true; filing a commercial flood claim isn’t easy. However, this should not be your primary concern. When your business space gets flooded, your focus should be on making sure that your flood insurance covers this. To give you an idea, here are the usual things covered:
Structural Damage
Your insurance policy covers the damage in the insured commercial space as well as its content. It also includes essential systems, such as electrical, plumbing, water heaters, air-conditioning, furnaces, heat pumps, and others.
Even carpeting, paneling, and flooring that are installed permanently are covered. If you have solar equipment, fuel and water tanks and the like in the building, they are also counted in the coverage.
Appliances
Are you in a restaurant or salon business? Do you sell appliances? If so, you are in luck. These are usually covered by commercial flood claims. Ranges, washing machines, refrigerators, dryers, and freezers are covered, to name a few. Do not be misunderstood, however. Food items inside the freezers are not included.
Knowing what’s covered by commercial flood claims is as equally important as knowing what’s not covered:
• If moisture, mold or mildew causes the water damage, then you are not in luck. This is not covered by a flood insurance policy because you can prevent it from occurring before or after the flood. But then again, if the mold, mildew or moisture is the result of a flood, then you may be covered.
• Sewer or drain backup does not provide insurance coverage—unless a flood caused this to happen.
• You can’t ask the insurance company to include your financial losses in the payout, nor extra expenses during a business closure.
• Normally, it takes 30 days before your policy becomes effective. So, if you buy your policy before this period and your business area gets flooded, you will be denied your commercial flood claims.
• Clearly, your insurer will not cover things that are not inside your commercial building. This refers to septic systems, landscaping, fences, signs, and others.
• Business vehicles are not included—unless stipulated in the policy that you bought.
• If you lost valuable papers, including script, stock certificates, or recorded data, sorry to say, but your insurance company does not provide coverage for this.
• If you have currency or precious metals damaged by flood, do not expect a payout for these as well.
• Trees, plants, walkways, and the like are outside the commercial building and are not covered. The same is true with swimming pools and hot tubs.
Because you are well-aware that these are not covered, you will no longer expect to receive payment from one of the above-mentioned items.
The Usual Coverage Commercial Flood Insurance Provides
Commercial flood insurance provides coverage for the damages caused by storm surges and heavy or prolonged rains. Blocked storm drains, melting snow, overflowing streams and rivers, and broken dams are also included.
Regardless if your business is located in a flood-prone area, your decision to get commercial flood insurance is a wise decision. It provides protection to your commercial building, its content, and your business as a whole. In the event of a flood, you lower your risk of financial losses.
The process of filing a claim isn’t easy but this should not be your primary concern. Commercial flood claims vary from one insurer to another, but most of them include the above-mentioned items in the coverage.
Many small business owners have a difficult time dealing with the staff adjuster of the insurance company. This is where National Damage Appraisers can stand for you and subsequently provide the needed assistance. We know how best to represent you. And, our major objective is to get you the FULL amount of your claim in a minimum time.
Call us today at 800-290-2929. Our support team is on call 24/7.
