If there is one thing building owners should always have, it is building insurance. This can be a lifesaver, especially during unexpected and devastating events such as natural disasters that can cause considerable damage to your property.
Should you find yourself in the middle of a catastrophe with your building’s roof in need of serious servicing, the right policy could come in handy. You do not have to sacrifice the reputation of your property, as well as the comfort and safety of its occupants.
The question is: Will your building insurance cover roof repairs? The answer can depend on many factors. Keep reading to find out.
What Does Building Insurance Cover?
Building owners should never hesitate to get building insurance because it offers a lot of benefits in case of untoward events. It can spell the difference between saving your building or closing it down should it sustain enough damage.
Before we talk about whether your building insurance covers your roof repair, you should know what your policy offers.
Coverage for the Structure and Land
The first thing you should know is that building insurance covers structure and land. This means that you can file claims for most things that fall within your property. However, you should keep in mind that insurance companies tend to include features like deductibles and eligibility requirements.
Deductibles are set amounts that you need to spend before your policy kicks in. Say, you need servicing that costs $300 and your deductible is $100. You need to spend $100 on covered items before your insurer starts to pay.
So, while you can file claims, there are no guarantees that you will not be paying anything or that you will have a portion of the cost slashed away. Make sure you always get proper documentation to provide strong evidence before filing claims.
Damage Due to Insured Events
Another thing you should know is that insurance policies tend to have extremely specific lists of items that they will approve. Most insurers cover damages due to fire, earthquake, vandalism, flood, theft, and storm damage.
One pro tip is to understand the difference between a named-peril policy and an all-risk one. A named-peril insurance only covers items that are listed in the contract, while an all-risk insurance covers all incidents except those in the list. This way, you have a clear idea of what you are getting into.
Fixtures Inside Your Building
Building owners can also expect their insurers to cover furniture, equipment, and fixtures inside the structure. Your plumbing and other systems may also be covered.
Before you get complacent, always keep deductibles and covered events in mind. This is always important when it comes to filing claims, as some insurers may find loopholes and other reasons to reject your claim. Again, documentation is key.
So, Can You Expect Roof Repair Coverage from Buildings Insurance?
Your building insurance may cover roof repairs, but only if your insurer deems it eligible. Building policies usually cover repair or replacement costs for a roof damaged by an eligible event including storms or fires.
It is essential to review your policy’s terms and conditions because coverage can vary based on the insurance company. Your policy type can also have some impact. Some policies may also mandate regular maintenance, servicing, and repairs to the roof to be eligible for coverage.
Some also require that your roof should be brand-new or in optimal working condition. Make sure to clarify this with your agent, so you would not be caught unaware.
What to Do to Prepare for Filing Roof Repair Claims
Document the Damage
The first thing you should do after your roof sustains damage is to document it. You might want to take pictures of the roof, as well as the debris.
You should also keep any files related to the cause of damage such as the source of a fire, weather forecast for storms and floods, camera footage of vandals, and other similar pieces of evidence. This way, you have proof of the cause which can strengthen your claim.
Get Estimates
The next thing you should do is to go to a reputable service provider to assess the situation. This will show that your roof sustained considerable damage, as well as the cost of repairing it.
Keep in mind that some insurers may have accredited inspectors and roofing contractors. If you want someone you can trust, you can have them as a backup instead.
Perform Regular Servicing and Document Them
Because some insurers require regular maintenance, you should make sure that you put up with your end of the stick and document. Take documentation such as pictures, receipts, and certifications.
The Bottom Line
Building insurance is definitely a valuable aspect of owning a commercial building. You can use your policy to cover roof repairs as long as you have all the right documents, so you can alleviate the impact of the cost.
