Get Rid of Commercial Fire Damage Claim Worries for Good
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Call us at 1(774) 239-0652 if you’ve lost your home or business to a disaster and want the maximum settlement and a faster claim resolution. We are a team of damage appraisers, adjusters and legal professionals registered, experienced and trustworthy.
Owning a business or managing a building is no walk in the park. We live in a world of uncertainty, so it is important for commercial and industrial establishments to be protected against natural calamities such as floods and fires. These buildings are important investments and it is important to protect them.
Commercial Fire
Fire is a common cause of damage to commercial properties. In order for businesses to prevent fires within their premises, they need to know the common causes of commercial fires. The most common causes are as follows:
– Heating Equipment
– Smoking Materials
– Cooking Equipment
– Intentional Fire Setting
– Electrical and Lighting Failure or Malfunction
According to the National Fire Protection Association, while fires are more common during the daytime, property damage due to fire is greater during the off-hours.
Fire Protection Insurance
Fire damage can be expensive to repair that is why businesses protect themselves against potential losses through insurance. Fire protection insurance provides coverage for precious business assets such as buildings, stores, content, machinery, equipment, and stocks. Fire insurance covers what the industry calls a “hostile fire”, one that is uncontrollable and unintended. Fire insurance usually covers the cost of repair or construction of the structure. Here is a list of coverage that fire insurance provides:
– It reimburses the cost of replacing or repairing fire-damaged items.
– If the structure needs to be rebuilt, fire insurance will cover the cost of rebuilding the damaged sections.
The payout that will be received is based on the value of the structure. Some fire insurance has built-in extensions such as debris removal and firefighting expenses.
The Need for Coverage
Fires in stores and commercial buildings can be destructive. These fires generate smoke, flames, and heat which all have the ability to damage a building and its contents. What more, even fire-fighting materials can cause property damage. If your business has no fire insurance, you would need to pay for repairs or rebuilding costs and even the service fee of the fire department. What happens if the business owner lacks the financial resources to pay for these? With fire insurance coverage, a business will have improved chances of surviving losses due to a hostile fire.
Underinsuring Commercial Property
It is important not to underinsure your commercial property. Underinsuring means that you’re insuring your property for less than its actual value. Some business owners do this to lower their premium. When you need to claim fire insurance, your policy won’t be able to cover the full cost of either repairing or rebuilding your property. Some insurance clauses include a penalty if a business does not pay the required amount.
In order to avoid underinsurance penalties, here are the things that you must do as a business owner:
– Make sure that your property is not insured based on property tax estimates.
– Your property should be insured for 100% of its value.
– Get an experienced and reputable appraiser who will reassess your property value yearly.
Public Insurance Adjusters
In order to get the assurance that you need that your property will be appraised accurately, rely on the services of trusted National Damage Appraisers. These public insurance claims adjusters will make sure that you get the most out of your insurance claims for commercial fire. Their services add tremendous value to your coverage.
Public insurance adjusters work on your side, making sure that every misleading word in your policy is understood and everything that needs to be claimed will be credited to your business. These appraisers will be filing a claim on your behalf. Without this representation, there may be aspects of the coverage that you may not understand, particularly entitlements to rebuild or repair what’s damaged. With these property damage appraisers, you get the most out of your insurance claim and you get rid of commercial fire claim worries for good.
Claiming Fire Insurance
When you’re a business owner that needs to claim fire insurance, chances are, you are under a lot of stress because a devastating fire has already occurred in your place of business. During this time, your priority is to be compensated by the insurance company correctly.
Usually, the insurance company will send an adjuster whose job is to assess the damage and submit an estimate for review. You need to remember that these appraisers work for the insurance company and will always give you the lowest estimate possible for your settlement claim. The mindset of insurance companies is to pay you the least amount of money that they can.
To make sure that you get the correct amount, you need to document all your property losses and verify what’s covered in your policy. You also need to know any exclusions or limits in your policy. On top of this, you may need to document all contact with the insurance company and make copies of all documents.
File a claim
You need to get in touch with your insurer as soon as possible and notify them of the incident. Most insurers stipulate that policyholders file a claim within a certain period of an event. Failing to report a store insurance claim, for example, immediately can make it more difficult for you to collect on your insurance.
