How To Understand Hurricane or Windstorm Commercial Insurance

6/28/2021 (Permalink)

Don’t let a windstorm or hurricane in Spring Hill, TN, ruin your dream.

Do You Know What Storm Insurance Covers?

A successful, seaside business in Spring Hill, TN, is a business owner’s dream come true. If you are currently living this dream, do not let it turn into your worst nightmare. If a hurricane or tropical storm damages or destroys your business, you immediately turn to your insurance coverage for help. Do you know what storm insurance covers?

Making Sense of Terminology

When you think about storm insurance, it may be confusing at first because it differs slightly from typical commercial insurance coverage:

• This specialized insurance coverage has a separate deductible from your commercial property insurance. Rather than a set amount of money, it is a percentage of the costs associated with the hurricane damage. The range is typically 1 – 5% of the total recovery costs. In the case of a total loss, the amount out of pocket is the percentage of the value of your property.

• When your commercial property is damaged by wind, your insurance company will consider the cause. Hurricane deductibles are relevant only when damage results from a hurricane or tropical storm, typically when noted as significant by the National Weather Service. Insurance companies also consider the timing of this “trigger” event when looking at restoration coverage. Windstorm deductibles cover any other cause of wind damage.

Location, Location, Location

Policy availability and details depend on where your business is located. Not all states offer hurricane insurance. Most states that have this specific insurance are, understandably, along the East Coast where the majority of hurricane activity is in the United States. In addition to these coastal states, Texas, Mississippi and Hawaii are covered as well.

Don’t let a windstorm or hurricane in Spring Hill, TN, ruin your dream. Although it may be stressful and time-consuming, storm insurance helps you and your business recover. Partner with your commercial insurance agent and a storm restoration specialist to return your livelihood to pre-storm condition.