Flooding is responsible for millions of dollars in damages every year, and large residential and commercial areas are often affected by the high waters. Unfortunately, businesses and commercial property owners are often left in the lurch by their insurance companies long after the flood waters have receded, and they could be left waiting for a long time before they are compensated for the losses they have suffered. Sometimes, the companies affected may even have to close their doors, whether temporarily or permanently.
Serious Flooding Leaves a Wake of Expensive Damages for Commercial Policyholders
There should be no doubt that floods can create extensive losses for businesses, including losses related to:
- Building interiors
- Exterior features
- Structural damage
- Vehicles and equipment
- Lot and driveway surfaces
- Sewer and water issues
- Mold and post-flood sanitation issues
- Documents, archives, and in-house libraries
- Business interruption
In some cases, major floods can even cause the loss of entire commercial buildings or properties. However, commercial insurance claims for flood damage are often vulnerable to delays, denials, and endless complications.
Flood Insurance Claims Can Be Complicated for Commercial Property Owners and Businesses
Depending on the circumstances of the flooding event, flood and water damage to businesses may be covered under a number of different policies and programs, including private-carrier policies, state and federal aid programs, or other avenues of recovery. Because of this, flood claims can become very complex for businesses and take months—or even years—to resolve. In the aftermath of a flood, many businesses and commercial property owners believe that recovering compensation for the damage will be a straightforward process, but many end up surprised and overwhelmed by the potential complications.
To learn more about successfully navigating commercial insurance claims after a flood, request your free copy of our book, Commercial Property Owners Must Read This Before Filing an Insurance Claim, or contact our experienced policyholder attorney directly today.