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Insurance coverage for collapse and hidden decay: what you should know

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When it comes to running a business or owning a property, the terms “surprise” and “unexpected” are two words you never want to hear. Unfortunately, surprises can happen–like collapsed roofs or crumbling building facades.  This raises the question of who will pay for the damage and what is covered by property insurance.

Will typical property insurance cover a structure that suddenly collapses or partially collapses?

That depends. Unfortunately, it’s possible that it’s not covered by your homeowners’ insurance. A sudden collapse that caused damage like this would be excluded as a building owner if you had previous knowledge of the building’s wear and tear or if you were not properly maintaining the building. This means you won’t be able to register a claim or receive any compensation.

Many of the building owners we meet have no idea what their policies entail. Every day at AdjustPro, we work with building and property owners. As a result, we know how to explain what’s covered and what isn’t in clear English. Claims adjusters will arrive on the spot and conduct an investigation to decide what, if anything, the insurance company will pay.

Is the contractor accountable if a building collapses due to poor construction? And what does that imply?

The contractor would also become a subject of inquiry. To determine if the contractor can be held liable for the collapse and any damages that occurred to the business or building, the claim adjuster and insurance company would look at things like the contractor’s history, their use of materials, how long ago the work was completed, and a variety of other details.

When you own a property or a structure and hire a vendor to undertake work, such as a contractor, you want to be sure they’re adequately insured. You’ll need to make sure you’ve addressed every possible risk so you’re not held liable for their job. Any work done to your property requires the completion of papers such as an indemnity agreement and the assurance that a contractor has products completed operations insurance.

As a building or business owner, how can I know if I have the correct insurance coverage?

By law, all brokers must inform you about the coverages you should have. However, if brokers are unfamiliar with your property or business, they may overlook or skip coverage, leaving you accountable for damages such as a collapse. The BEST thing you can do is speak with an adjuster, such as AdjustPro, who has dedicated practice groups where insurance professionals deal on insurance issues just like yours every day.

Public Claims Adjuster in Phoenix, AZ

We established the AdjustPro because we understand how important it is for building owners and business owners to secure their assets and property. In the event of a partial collapse, you’ll need insurance pros on your side to help you with the claims process, get your business back up and running as quickly as possible, and answer unique issues like “is the damage to my roof covered? Is the loss of business caused by my building being non-operational covered?” The answers to these queries are known to our team. We’d be pleased to review your present insurance program to ensure that you’re compliant with industry standards and that you’re protected in all areas where you need to be.

Collapses are just one sort of harm that can occur to your home or business. If you are a business or building owner who wants to better understand your protection, contact AdjustPro today. Our insurance adjuster team is committed to assisting those in the field in understanding their risk and protecting what they’ve worked so hard to achieve.

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