Understanding Water Damage Coverage for Your Commercial Property
Water Damage Coverage for Your Commercial Property: What You Need to Know
Whether you own a commercial property for your business or you’re a landlord to businesses, it’s your responsibility to have property insurance to cover damages. Damage from fire, smoke and water are just a few examples of the type of losses that your policy may cover with certain conditions. Water damage from flooding, a pipe break or an improperly functioning appliance can result in major losses for you or the tenants renting from you in Denver, CO. The bad news is that not all damage from water is considered equal by insurers. For example, a sudden break from a broken water heater might be covered by most policies, while a slow water leak isn’t.
Covering Your Property
It’s important to recognize which types of water damage are covered by your property insurance. The following types of damage are not typically protected:
- Sewer or sump pump backup
- Slow water leak
- Frozen pipe leak
In the case of a sewer or pump backup, it’s possible to purchase additional coverage that addresses that particular issue. You may be alerted to the presence of a slow water leak by an increased water bill. Your insurer may cover damages from a frozen pipe break if you can prove that it occurred due to a sudden event such as a power outage. You’ll need to go over your policy and talk to a provider if additional or tailored coverage is needed.
Cleaning up the Damage
Water cleanup should be handled by providers of commercial building restoration services. They are best equipped to fully repair and restore affected items as well as the structure. They can also minimize the time it takes to get your property back to pre-damage conditions.
When you’re dealing with damage from water, it’s important to contact the professionals quickly. Before that happens, make sure you’re familiar with what is and isn’t covered by your insurance. Talk to your provider if your current coverage is inadequate.