Many people operating businesses believe that damage to the roof is covered under commercial insurance. Though it provides broad coverage, understanding your commercial insurance policy thoroughly will help you know to what extent it covers claims for roof damage.
Does the insurance cover the replacement cost of roofing, or is it limited to repair? It is also imperative to check everything before you make a decision regarding your insurance policy. Continue to read and learn more about the roof damage and when your commercial insurance does cover it.
Isn’t Commercial Roof Damage Covered Under Warranty?
The roofing material, as well as installation, may be covered by warranties offered by your roofing contractor, but these product and installation guarantees aren’t the same as building insurance, which is separate and differs from these warranties. Warranties are tiny policies paid for by the commercial roofing product manufacturer. When buying commercial property insurance, make sure you ask the following questions to your insurance agent:
- Is your entire roof insured, from the roof deck to the surfacing materials?
- Is the roof insured against insect damage, storm and wind damage, water filtration, and wind-borne debris from other buildings?
- If the roof is destroyed, will the insurance pay for the full replacement cost, or does it only pay for repairs?
Important Aspects to Remember
There are several essential aspects to remember when buying a new commercial roof and how it will affect your property insurance. There is a crucial difference between building and commercial roofs that need to be understood by both buyers and insurers. Here are some things worth noting:
- The first thing you need to do is to go through your existing policy to ensure that you have ample insurance coverage for your commercial roof. Also, verify whether both roof replacement and wind damage are covered under your policy.
- The basic insurance policy may not provide coverage for the additions you make on your roof, such as HVAC units, satellite dishes, etc. Hence, be sure to update your policy from time to time to reflect any expansion.
- The insurer may reject the claim owning negligence on your part that has caused the damage. To prevent the same, keep records of annual or semi-annual inspections, routine maintenance and repair, warranties for existing materials and labor, due diligence in addressing problems, or anything else you may see necessary.
The roof shields the company’s assets from the outside elements and natural disasters.
A commercial building’s damaged roof may result in a possible decline in business. Before the unexpected can happen, ensure you have proper commercial coverage by your side to cover any possible roof damage.