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Fire & Water - Cleanup & Restoration

Tenant Responsibilities After a Flood

5/9/2019 (Permalink)

It’s important to talk to your agent about getting additional flood insurance

Leasing office or warehouse space in Asheville,NC, comes with certain responsibilities. If you run a business in an area that floods regularly, you want to make sure you have the right renter’s insurance to cover all the flood damage that may occur. Once you know what your obligations are, you are better equipped to understand what your insurance package should include.

Owner vs. Tenant Responsibilities

The owner of the building and the tenants who rent the space are responsible for different problems that may arise when there’s storm damage. Basically, if you provide it, it’s your job to fix it. Therefore, you need adequate insurance coverage to pay for the following expenses:

  • Furniture
  • Equipment
  • Office supplies
  • Important documents
  • Operational costs

The owner must repair the building and all the fixtures within, such as plumbing and electrical systems. If the damage is so bad that you have to vacate the premises while repairs are made, you shouldn’t be expected to pay rent for the time you cannot use the space.

Coverage You Need

Your renter’s insurance policy probably covers the basics of storm cleanup services such as repairing water damage from a leaky roof and restoring or replacing electronics. It may have exclusions for flooding, however, so it’s important to talk to your agent about getting additional flood insurance if you need it.

While you may get a reprieve from rent if you have to relocate, the building owner is not going to pay the cost of doing so. Your renter’s policy may cover part of the relocation cost, but it’s a good idea to have business continuity coverage for the actual expenses associated with running your business and any money you may lose as a result of the time needed for flood cleanup in the space.

Knowing both your rights and your responsibilities as a tenant can help you choose the renter’s insurance you need. Adequate coverage can save you a lot of money in the long run.

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