How Does Storm Coverage Help My Business?

12/24/2019 (Permalink)

Here are Three Points to Know About Your Policy

As a major storm approaches, business owners in Oklahoma City, OK, maybe concerned about potential destruction. After all, the system's high winds and rain pose a threat, often knocking off shingles and exposing the structure to water damage. Without storm insurance, these issues could be enough to shut down the store or force you to find financing elsewhere. Working with insurers, though, can offer a solution. Here are three points to know about your policy.

1. What Do You Pay?

First of all, you'll pay the annual premiums. Then, if something happens, deductible should be met. This varies by area, depending on increased liability and state legislation. Traditional insurance coverage has a set deductible price, requiring owners to pay a certain amount before the agency cuts a check. Because of rising costs from recent storms, some locations no longer offer this route. Instead, you may find a percentage allotted instead. Payment, in this case, is based on the total to repair the building. Review your hurricane and wind clauses because sometimes fees vary based on the reason you've requested help.

2. What Do They Repair?

Structural trouble and humidity concerns resulting from the weather are often included. For instance, if the roofing takes a beating, rainwater may leak into the ceiling. This is problematic. Not only does the top need replacing, but a water restoration company needs to attend to the location. This team of professionals can test the area for contamination, remove questionable materials and sanitize the room. Finally, they work to rebuild the loss. Storm insurance typically pays for it.

3. What Do They Exclude?

If harm happens from flooding, rising waters from rivers, streams and oceans, you may not be protected. In addition, a traditional deal does not pay for lost merchandise or time that the store is closed. These situations need separate policies.
Your organization is valuable. Storm insurance simply offers a line of defense, lending you a hand when nature gets out of control. Use it to get back on your feet. Understand your deductible and available coverage.