The flooding of various areas throughout Houston has brought the issues of flood recovery and flood insurance to the forefront for many of Houston’s business owners. Here is a quick overview of some things you should know:
Many tenants don’t even consider the need for flood insurance, but they should be aware that the coverage that their landlord may have does not generally cover their property, or any tenant improvements made in their office or retail space. Many that do consider the need for flood insurance do so only if their business is located in 100 year floodplain but most insurance claims are made by people whose property was not in the floodplain.
Some of the most significant damage caused by floods is caused by mold, which can develop almost instantly.
Landlords and Building Owners
“As a landlord or building owner, if they have insurance, first thing to do is to call their agent and report the claim. The policyholder is required to do anything possible to help mitigate damage, for example, if they have a wet carpet they should remove it, just don’t throw it away so that the adjuster can see the carpet was there. If is must be disposed of, take pictures. Other ways to mitigate loss is to apply a ¾ cup bleach to 1 gallon water solution to surfaces at risk of developing mold.” explains Alexander.
So what’s covered you, the as the building owner does have flood insurance?
- The insured building and its foundation
- Electrical and plumbing systems
- Central air conditioning equipment, furnaces, and water heaters
- Refrigerators, cooking stoves, and built-in appliances such as dishwashers
- Permanently installed carpeting over unfinished flooring
- Permanently installed paneling, wallboard, bookcases, and cabinets
- Window blinds
- Detached garages (up to 10 percent of Building Property coverage) Detached buildings (other than garages) require a separate Building Property policy
- Debris removal