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Commercial insurance helps protect business owners from financial loss if something happens to their building. While building owners often have property coverage, it’s crucial to understand what is covered rather than assuming your insurance company will cover all damages.
Covered Perils
Every property insurance policy includes a list of covered perils. Commonly covered events include lightning, certain types of wind damage, fires, and other incidents. However, many policies exclude events such as hurricanes, tornadoes, floods, and other natural disasters. It’s important to discuss your policy with an agent at Fuhriman Insurance Agency in Boise to ensure you fully understand what is covered.
Additional insurance can be purchased to cover excluded events like floods or hurricanes. These specialized policies are designed to provide protection for damages that standard policies typically do not cover.
Building Coverage
Most policies cover structural components of the building damaged by a covered peril, such as the roof, floors, drywall, walls, doors, and windows. In some cases, coverage may extend to the parking lot, but this depends on the specific policy.
Many policies only cover the main dwelling, which may include attached structures. However, they often exclude detached structures, such as parking lots or storage sheds. Additional coverage can be purchased to protect these extra structures on the property.
Building Systems
Policies often include coverage for essential building systems, such as HVAC systems and fire safety systems. This can also extend to components like water heaters or furnaces. Generally, the policy will cover items necessary to make the building functional again.
It’s vital to speak with an agent at Fuhriman Insurance Agency in Boise, ID to understand the specifics of your policy. Contact us today to learn more.