As an education institution, your insurance policy needs to protect a variety of things. Your main concerns may be more predictable circumstances such as injury on school grounds or property damage caused by burglary or trespassing, but does your insurance cover weather damage?
You Need Flood Insurance
Most commercial policies do not account for damage caused by flooding, leaving you to cover the cost. Flood insurance guarantees you will be reimbursed for all of your losses. Damage to ceilings, walls, fixtures, furniture, equipment, inventory, and anywhere else on your property will be included in this additional policy.
If you have just added flood insurance to your policy, you may still be 30 days out from full coverage. This could leave you open to out of pocket costs. The best time to add this policy is when you first apply for a property loan. Luckily, many lenders do require property owners to have this policy active when increasing, extending, renewing or applying for a loan. This ensures there is no activation waiting period.
Although flood insurance is important to have, the pricing and levels of coverage vary from place to place. If your community is part of the National Flood Insurance Program (NFIP), this policy will be readily available at any insurance broker.
Consider Natural Disaster Insurance
Although many weather disasters are difficult to predict, natural disasters are even more difficult to plan for. If you live in Southern California, or the Wasatch Front, earthquake insurance is an additional policy you want to consider. Earthquakes are virtually unpredictable and can cause considerable damage to your property. On top of that, most basic policies do not have high enough limits to repair the wreckage. Consider speaking with an expert to determine the right policy to meet your needs.
We want to make sure you are fully covered and protected for anything life throws at you.
At Swarts, Manning & Associates, we provide a unique perspective on all of your commercial coverage options, and we help to determine which carrier best fits your business needs. We strive to find you the broadest coverage at the best available rate. Give us a call to get started: (833) 878-2820.
