The answer… it depends. Typically speaking Commercial Property Policies must list each structure on the declarations pages, as well as an amount of insurance, in order for coverage to apply. In some instances this may not be true. For example, if you own a restaurant and there are nonfunctioning solar water heater panels affixed to the roof of the building and the building is damaged by a covered loss (fire, windstorm, etc.), your insurance company most likely will be obligated to pay for the full cost of the damage to repair/replace the solar panels even though they were nonfunctional at the time of loss. They may try to depreciate the items heavily (see blog on “What is Depreciation and Actual Cash Value (ACV)” for more info on this) based on the age and condition of the panels. It is important to note that coverage may be afforded in this and similar situations.

 This can work to your benefit or detriment depending on the circumstances surrounding the loss. If the building was under insured you may face a coinsurance penalty (see blog on Coinsurance for more info). This may hamper the total recovery to the property owner. If the insurance carrier includes the cost of the abandoned solar panels in their compilation of the damage estimate, this may significantly reduce the total amounts paid to you, the property owner.

 If you have suffered a loss and would like a free consultation contact our office today at 772-466-1178. One of our licensed Public Adjusters will meet with you at your location to discuss your claim and explain the benefits of having your own adjuster represent your interests in the burdensome and sometimes overwhelming claims process.

Like most homeowners you may assume all damages to your property are covered by your insurance company, unless specifically excluded. The question is… does your policy really cover water damage? This is just one policy endorsement we ran into recently you may want to read.

Water Damage Exclusion Endorsement Form ASI

We have recently discovered that some Ark Royal Insurance Company Policies and American Strategic Insurance Company policies specifically exclude ALL water damage if a home is more than 30 years old and can limit payments to $10,000.00 on newer homes. You need to be aware if you have a water damage exclusion or water damage limitation endorsement on your policy. This can greatly reduce the amount of your recovery or eliminate the possibility of getting the needed funds all together. Call us today for a free analysis to review your policy and see if you have the coverage you need when you need it.

The National Fire Protection Association recently released their findings on fire losses in the United States for the year 2010. Surprisingly they have found that 80% of all structure fires (384,000) have occurred in residential properties. View their full report here http://www.nfpa.org/publicJournalDetail.asp?categoryID=2249&itemID=53060&src=NFPAJournal. Please let this be a reminder to you to check your smoke detectors, speak with your children about fire prevention, and review your insurance policy to make sure you have proper coverage.

If you have any questions about your insurance policy, or if you have suffered from a fire loss, contact our office today to see how we can help. Call Accredited Public Adjusters, LLC at 772-466-1178.