How Standard Insurance Can Help Your Business After a Hurricane

11/12/2020 (Permalink)

Commercial storm damage in a Royal Pines, NC office

Here Are The Ways Insurance Coverage Can Help

Experiencing a hurricane in Royal Pines, NC, can be difficult for a business, and the financial consequences can be devastating. These storms have the ability to cause massive amounts of damage to a building, much of which may be impossible for a temporarily closed company to pay for directly. If your business ever experiences hurricane damage, here are the ways insurance coverage can help.

Wind Damage
Depending on your location and policy, your storm insurance can cover different ranges of damage. These are possible coverage situations:

• Only damage specifically stated in the policy is covered.
  
• Only wind and hail damage is covered.
  
• Any damage that isn't denied in the policy is covered.
  
  

Most policies cover wind damage caused by a hurricane. Aside from the range of coverage, there is a monetary difference as well. Many states and providers have specific deductibles for hurricanes (deductibles being the out-of-pocket expense policyholders pay before the insurance steps in). These deductibles are usually in the form of percentages, which means the property owner must pay a fraction of the storm damage restoration expenses.

Water Damage
A substantial number of property issues caused by hurricanes involve water damage, particularly if the storm occurs near the coast. Unfortunately, storm insurance providers often fail to cover flood-based expenses. Even if your property sustained damage from both wind and water, the wind issues may be all that's covered. This is important to check on before a storm hits. If your business is near a coast, it may be essential to find a policy that covers floods caused by hurricanes.
Understanding your storm insurance policy is vital for a commercial property owner. Hurricane policy requirements are different for every state, so be sure to research which one applies in Royal Pines, NC. If you should ever experience a hurricane, this information may be crucial to know for the sake of keeping your business going.