2B — June 23 - July 13, 2017 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
TOTAL CLEANING ASSOCIATES LTD.
O wners , D evelopers & M anagers By Michael Jacobs, Service Pros Why owners may need separate water damage insurance W ater damage can be both stressful and disheartening
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ing machine or dishwasher caused significant damage to your floor, the policy will most likely cover the cost of tearing out and replacing the floor, but it would not cover replacing the appliance that caused the damage. Homes and businesses that are located in colder climates can also suffer water damage if a pipe bursts. When this hap- pens, there can be significant damage to the property. If the pipes are inside of a wall or ceiling, even more extensive damage can occur. Any kind of water damage must be miti- gated and cleaned up quickly in order to avoid the potential of further damage through mold. There is also a difference between insurance that covers damage caused by a scenario similar to the one above and insurance that covers dam- age caused by flood. Accord- ing to the Federal Emergency Management Agency (FEMA), a flood is “a general and tem-
porary condition of partial or complete inundation of two or more acres and two or more properties of normally dry land. Flood damage can only be caused by the following water sources: • Overflow of inland or tidal waters • Unusual and rapid accu- mulation of runoff of surface waters from any source • Mudflow • Collapse of land along the shore of a lake or similar body of water as a result of erosion or undermining caused waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above Flood insurance is made through the federal govern- ment through the National Flood Insurance Program and may be purchased through your insurance agent. It’s a completely separate policy from either a homeowners or commercial property own- continued on page 7B
for any prop- erty owner. Chances are if someone owns a home or business, t h e y w i l l have some sort of in- surance al-
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Servicing the Janitorial Industry Since 1994 Contact Us Today for a Quote 973-562-0177 or Email: totalcleaning@optonline.net www.totalcleaningltd.com
Michael Jacobs
ready in place. Unfortunately, many property owners end up getting an unpleasant surprise when they find out that their current insurance policy doesn’t cover the type of water damage that they have. If a storm tears off part of the roof of your home or busi- ness, letting the rain come in and cause water damage, this would be covered under most homeowner’s or com- mercial insurance policies. An insurance policy may also cover defective construction that led to the water damage. On the other hand, if a wash-
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