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Things To Know About Commercial Storm Insurance

4/10/2020 (Permalink)

Ceiling storm damage in Leicester, NC

Things To Know About Commercial Storm Insurance

A pillar of a strong company is having the appropriate level of storm insurance. This protects your company in Leicester, NC, from unexpected events such as hurricanes, wind storms, tornadoes, and powerful thunderstorms. The coverage consists of several elements, including the following:

  • The type of damages that are included in the policy
  • The deductibles you must cover before the insurance company begins to pay
  • The premiums or total annual cost of policy

Each of these elements is complex enough that it is important you understand what you are getting. Talking with your insurance agent at least once a year can help you save money on premiums and adjust your insurance coverage to the right levels.

Deductibles

The deductibles for your storm insurance depend on several factors. In many cases, you are able to negotiate these costs, and this, in turn, will make your premiums go up or down. Coverage for hurricanes or windstorms has its own set of factors that can determine deductibles. In some cases, a company that has reinforced its building with wind damage protections could see reduced deductibles and premiums. Also, since hurricane damages have increased in recent years, the insurance industry has moved from a set dollar deductible to a percentage deductible, leaving the property owner exposed to more damage.

Coverages

It is a good idea to know what damages are covered with your storm insurance. In general, wind damage from a storm, hail damage, lightning and other forms of damage that come from the sky are covered. Events such as plumbing problems from busted pipes are covered as well, so long as the property owner wasn't negligent with maintenance. Damage that comes from a flood is typically excluded and is usually covered by the National Flood Insurance Program with its own specific set of rules. A fast response to storm damage from a storm remediation team can limit your expenses and exposure to a long business interruption.

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