
Commercial Water Damage and Insurance in Edmonton
Dealing with the aftermath of water damage and insurance can also be a stressful experience if you’re not prepared beforehand. That’s why having the right insurance coverage in place is essential to help cover the repair costs. From making a successful water leak insurance claim to getting insurance to pay for water damage, here’s what you need to know about water damage and insurance in Edmonton.
Should I go through insurance for water damage?
One of the first questions you may have after experiencing water damage is whether or not you should go through your insurance company. In most cases, the answer is yes. Water damage can be expensive to repair, and having insurance can help alleviate some of the financial burden. However, reviewing your insurance policy to understand what is covered and what isn’t is essential. Some policies may not cover certain types of damage, such as flood damage, so it’s important to be aware of your coverage and any limitations.
How to make a successful water leak insurance claim
In order to make a successful water damage insurance claim, you’ll need to provide detailed documentation of the damage. Take photos, videos and detailed notes of the affected areas and belongings to support your claim, and keep track of any repair estimates and receipts for work done. Communication is key when working with an insurance adjuster, so stay in touch and provide any additional information they may need as soon as possible. Keep in mind that working with a reputable Edmonton restoration company means they will communicate on your behalf.
What does water damage include?
Water damage can encompass a variety of issues. Some common types of water damage include:
Burst pipes: This can happen due to freezing temperatures or corrosion, causing water to leak into your property.
Flood damage: Floods can occur from heavy rainfall, storms, or overflowing rivers, leading to significant damage.
Roof leaks: Leaky roofs can allow water to seep into your building, causing damage to ceilings, walls, and belongings
Sewer backups: Sewer backups can result in contaminated water entering your property, posing health risks and requiring thorough cleanup.
What insurance do you need for water damage?
A standard commercial property insurance policy typically covers water damage caused by sudden and accidental events, such as a burst pipe. However, coverage for flooding is usually excluded from these policies and requires separate flood insurance. For this reason, it’s essential to review your policy carefully and consider adding additional coverage if you live in a flood-prone area.
What is commercial named perils coverage?
Commercial named perils coverage is a type of insurance that provides protection for specific perils or risks explicitly listed in the policy – such as fire, theft, vandalism, and certain types of water damage. Unlike all-risk coverage, which provides broader protection for all risks unless expressly excluded, named perils coverage only covers the perils that are specifically mentioned in the policy.
What is the difference between commercial excess and umbrella insurance?
Commercial excess and umbrella insurance are types of liability insurance that provide additional coverage beyond the limits of your primary business insurance policies. While they may seem similar, there are some key differences between the two:
Coverage: An excess policy provides additional coverage above the limits of your primary policy, while an umbrella policy offers broader coverage that may extend to different types of liability. Umbrella insurance can also provide coverage for claims not covered by your primary policies.
Trigger: Excess insurance is triggered when the limits of the primary policy are exhausted, while umbrella insurance may provide coverage for claims that are not covered by the primary policy.
Underlying policies: Excess insurance typically follows the same terms and conditions as the primary policy, while umbrella insurance may have broader terms and conditions that include underlying policies to meet certain requirements. Additionally, umbrella insurance may provide coverage for gaps in your primary policies.
What is NOT covered by a commercial umbrella policy?
A commercial umbrella policy provides additional liability coverage that goes beyond the limits of your primary business insurance policy. While a commercial umbrella policy can provide valuable protection, there are limitations to what it covers. Some common exclusions from a commercial umbrella policy include:
Intentional acts: Coverage typically does not apply to intentional or criminal acts the policyholder commits.
Workers’ compensation: A commercial umbrella policy does not typically cover claims related to workers’ compensation benefits.
Pollution: A commercial umbrella policy may not cover pollution-related claims and may require a separate environmental liability policy.
Summing it all up: How to get insurance to pay for water damage for your business
Recovering from water damage can be a costly and devastating event for business owners. Having the right insurance coverage in place is crucial to help cover the repair costs and protect your property from further damage. When it comes to getting insurance to pay for water damage there are several steps you must take to achieve the best outcome possible:
- Review your commercial property insurance policy to understand the coverage it provides for water damage.
- Make sure you have comprehensive coverage that includes protection against various types of water damage, such as burst pipes, leaking roofs, and flooding.
- In the event of water damage, document the damage with photographs and detailed notes to provide evidence to your insurance company.
- Promptly report the damage to your insurance carrier to begin the claims process. Be sure to work closely with your insurance adjuster, providing all necessary information and documentation to support your claim.
By following these steps, communicating with your insurance company, and working with the right emergency restoration company, you can expedite the claims process and get the compensation you need to restore your property.
First General is here to help with all your water damage restoration needs. Not only do we provide immediate and reactive emergency services to Edmonton business owners, but we will also help you navigate the insurance process to ensure the best outcome possible.