Commercial property insurance policies offers comprehensive coverage. But does this include coverage for roofing damage? Not always.
While traditional home insurance policies outline roof coverage — for incidents such as hail damage or tree damage — commercial property insurance may or may not provide the same protections. So it makes sense to take a closer look before enrolling in a policy.
Check the Details of Your Policy
All building owners should check their commercial property insurance to see what it includes. There are a few key things to look into:
- Does the policy cover the roof in its entirety? This should include everything from the roof decking to the surface materials. You need full coverage in most situations.
- What does the policy cover specifically? Common coverage includes insect damage, wind-borne debris damage, wind damage, and storm damage.
- What does the policy pay out? When a covered incident does occur, the policy will either pay out a full replacement cost or a specified repair cost.
Many property owners have a roof warranty. This warranty may provide specific protections in terms of repairs or replacement. However, warranties have limitations that could reduce their usefulness in certain situations. So it's still important to obtain commercial property insurance with roof coverage.
While many commercial property insurance policies cover damage to the roof, it's important to be aware of any and all limitations. These policies often do not cover:
- Damage caused by the HVAC
- Damage from the installation of new signage
- Damage due to poor maintenance or normal wear and tear
- Damage from installation of satellite dishes
- Expansions or changes to the roofing material
Property owners need to be mindful when selecting commercial property insurance for their roof. It makes sense to both choose a comprehensive policy and actively maintain the roof. Any instance of poor workmanship or a lack of maintenance could limit this type of coverage.
It's also important to be diligent. When a hail event or storm comes through town, request an inspection. It's important to know which repairs are needed, and whether or not they're covered.
Need coverage? Call Lancette Agency, LLC at (651) 264-1230 for a free Minnesota commercial property insurance quote.