3 Things Renters Should Know About Flood Insurance

4/13/2020 (Permalink)

Call your agent to find out if you are covered.

3 Things Renters Should Know About Flood Insurance

If you rent a commercial property you may be wondering how your insurance plan can work to help protect your Thorncreek, CO, business. It’s important to note that your renter's insurance covers things a bit differently than your landlord’s property insurance. Knowing what's in your policy can help you be prepared in the event of a disaster.

1. What Your Insurance May Cover

Renters coverage should cover the repair or replacement of any items you or your employees bring into the building if a disaster should occur. These may be office furniture or equipment, inventory, files, or even personal items. It’s important to know what is in your plan so that you can purchase supplemental insurance on high-value items if needed.

2. What Your Landlord’s Insurance May Cover

It’s important to know that your renter's insurance may not cover the cost of building repairs. This usually falls under the property owners' plan. Their insurance may even provide for hiring a local damage restoration service to help with cleanup and restoration of the property. This service may also be able to help with any damaged company items.

3. What May Not Be Covered

In the event of personal liability, you may require separate insurance coverage from your renter's plan. This could happen if some type of neglect occurred that you should have been responsible for as a renter. These types of things typically fall under liability coverage so you may wish to check that is included in your plan. It’s important to know what’s in your insurance policy so it’s best to talk to your agent about what your coverage includes. In most cases, your policy will cover your personal belongings and office equipment in the event of a disaster while your landlord's policy covers the building property. Insurance may not cover events for which you may be at fault, so you may want to add liability coverage to your plan.

It’s important to know what’s in your renter's insurance policy so it’s best to talk to your agent about what your coverage includes. In most cases, your policy will cover your personal belongings and office equipment in the event of a disaster while your landlord's policy covers the building property. Insurance may not cover events for which you may be at fault, so you may want to add liability coverage to your plan.