Minding the Gaps: Finding Good Storm Coverage

9/27/2021 (Permalink)

If your commercial property in Park Ridge, IL, is frequently beset by storms, your property insurance coverage is probably not sufficient to pay the costs of the flood restoration services you will likely need at some point. You need storm insurance. Even with the extra coverage, however, it is important to make sure that you pay close attention to the exclusions listed in your policies. Only by filling in all the gaps that other policies leave do you get the best coverage possible.

Flood Damage

Most floods caused by natural disasters or other extreme circumstances aren't covered by general commercial property policies. You will need flood insurance to protect yourself from having to pay out-of-pocket expenses like the following:

• Water mitigation services
• Restoration costs
• Building inspection fees

After you pay your deductible, your storm insurance is likely to cover the bulk of your recovery expenses. Having a policy in place before the storm season arrives is essential.

Hail Damage

If your storm coverage focuses on flooding, it may include exclusions for other damage that your building could sustain during a storm. Hail damage often accompanies violent thunderstorms, but some insurance policies don't cover the damage that a hail storm can cause. In this instance, you will need additional coverage to fill in the gap left by the exclusion.

Lightning Damage

When lightning strikes your building, it can cause quite a few problems. Other than raising the risk of fire, it may also short out your electrical system, leaving you without power regardless of how reliable your backup generator may be. If other systems, such as your building's plumbing or HVAC system, rely on power, then you can see how expensive a lightning strike could become. Many policies exclude lightning damage for this reason. Your insurance company may offer rider policies to compensate, however.

When you are shopping for the best commercial insurance package, don't forget comprehensive storm insurance. One storm can cause extensive damage. It can give you peace of mind to know that you are protected.