Yes, commercial property insurance can cover hurricane damage in Texas. However, whether it does or does not depends on the specific terms of the policy. Some policies contain exclusions for the common types of damage caused by hurricanes, including flood damage.
You will need to review your specific insurance policy to determine what it covers. A Houston hurricane damage lawyer can assist you in this review and help if you need to file an insurance claim as a business or commercial property owner.
Does Texas Commercial Property Insurance Cover Hurricane Damage?
Some commercial property insurance policies will cover all the damage caused by a hurricane. However, not every policy provides full coverage. Some companies include multiple exclusions that allow them to avoid paying for some damages associated with hurricanes.
For example, most basic commercial property insurance policies will not cover flood damage. However, you have the option to purchase separate flood damage policies before a storm, which can help you protect yourself financially from this form of damage.
Check Your Policy for Rules on Acts of God
Many insurance companies classify hurricanes as an “act of God.” That could mean that your policy specifically excludes coverage of these acts, which may also apply to other natural disasters, such as earthquakes.
Note that you may still get coverage for hurricane damage. However, depending on the terms of your policy, you may need to purchase an additional rider to ensure you have insurance coverage in the event of a major storm.
A Houston insurance claims lawyer can provide more information about your policy.
For a free legal consultation, call (800) 941-1041
Funds Available if Your Insurance Covers Hurricane Damage
If your commercial property insurance does cover hurricane damage in Texas, you may qualify for funds to address all of the losses you face after a major storm. Depending on the terms of your policy, you may receive compensation designed to pay for losses such as:
Property Repairs
Hurricanes often cause incredible amounts of damage to commercial properties. They can break windows, tear off roots, and even damage the foundation of your property. Your insurance policy may cover the costs of repairs or rebuilding.
Losses Associated with Business Interruption
Business insurance can cover hurricane damage in Texas. Business interruption insurance can cover your lost income and assist with operational expenses if you have to shut down your business for a time to make repairs.
Damage Mitigation Expenses
Your insurance may cover any costs associated with steps you took to prevent additional damage to your commercial property after a hurricane. For example, you may get funds to pay for the wood you bought to board up windows or tarps to cover holes in the roof of your business.
The specific funds available to you will depend on the terms of your insurance policy. The above benefits are not available to every commercial property owner.
How Much Damage Will Commercial Property Insurance Cover?
The total compensation available to you through insurance payouts will depend on your policy terms. You get to decide how much insurance you want to purchase. Larger policies will provide more funds to help you recover from a storm.
Additionally, you must have an active policy before a storm to receive any compensation for your losses.
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Time Limits on Commercial Property Insurance Claims
You have a limited time to file a commercial property damage insurance claim after a hurricane in Texas. The specific deadlines you face may vary based on the regulations placed by your insurance company, but most companies expect you to notify them of damage as quickly as possible.
If you wait too long, it can give the insurance company an excuse to deny your claim. The company may also look for other reasons to avoid covering your losses. You can protect your claim by:
- Taking steps to prevent any additional damage to your commercial property
- Using photos and videos to document all the damage to your property
- Making a list of all destroyed and damaged items
- Keeping receipts for any expenses associated with the hurricane damage
Following these guidelines can improve your chances of getting fair compensation from your insurance company. You can further strengthen your claim by contacting an attorney for help before you file any paperwork or discuss the damage. Allowing a lawyer to handle discussions with the insurer can protect your claim and help you avoid potentially costly mistakes.
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Talk to Us About Hurricane Damage to Commercial Properties
So, does commercial property insurance cover hurricane damage in Texas? Some insurance policies will cover the damage caused by these natural disasters.
An attorney from our team at Barcus Arenas, PLLC, can review your insurance policy and determine the coverage you qualify to receive. We can also help with your insurance claim, drawing on our nearly two decades of combined experience to assist clients in your situation.
We’re here to represent your best interests, standing up to insurance representatives on your behalf.
Call or text (800) 941-1041 or complete a Free Case Evaluation form
