How to Protect Your Rented Building from Flood Damage and Loss

8/10/2021 (Permalink)

Drying equipment in Lafayette Hill, PA.

How to Prevent Flood Damage and Loss in Your Rented Building

If you rent a building in Lafayette Hill, PA, for commercial purposes, you may be preparing to take out renter’s insurance to protect your inventory and other belongings. One instance you may want to protect yourself from is flood damage, as floods can cause considerable damage to a building and its contents. However, before you sign off on a policy, it is important to understand what is covered, what the property owner is responsible for and the steps you can take to ensure you have the type of coverage you desire.

Know Your Responsibilities

When you rent a building to house your business, understanding your insurance responsibilities can be vital, whether you are renting one floor or the entire structure. When it comes to flood insurance, it is typically your responsibility to insure whatever you bring into the building. This includes any store inventory, machinery or electronic equipment. It is a good idea to go over each item with your insurance agent so you are guaranteed coverage in case of a flood.

Understand the Property Owner’s Insurance Requirements

When it comes to flood insurance coverage, your building’s owner is largely responsible for the structure itself. This means that he or she must provide coverage for whatever space you rent and cover repairs as well. You may want to ask the owner if they have a storm cleanup and restoration company on retainer for the removal of black water or mold that occurs after a flood.

Protect Your Business With Forethought

While renter’s insurance can protect you from the damage a flood can cause, you can also take steps to guard your business beforehand as well. Store important documents on a cloud service or back them up on a device you keep elsewhere. Avoid storing boxed records on the ground floor or pay to have them stored offsite.

Renting a building in Lafayette Hill, PA, for business purposes can be convenient and affordable. However, knowing what renter’s insurance you need before you sign off on a lease can help protect your investment from being lost in a flood.