In the past, building collapses were broadly covered by most insurance policies. However, over time insurance companies have gradually redefined what collapse insurance actually covers. Public adjusters have studied insurance companies and insurance coverage in an effort to understand property collapse cover better.
Recent additions to the insurance form employed by most insurance policies now limit collapse coverage to an “abrupt collapse”. Insurance coverage and policies vary greatly so it is important to send a copy of your insurance policy to your public adjuster for review.
Additional coverage and/or collapse insurance coverage of an ‘abrupt collapse’ means a “rapid falling down or collapse of the building or any section of your building with the resulting in the structure or part of the building not being able to be used for its intended purposes.” You policy may also provide a list of factors within the collapse that it may cover, including:
- Hidden decay;
- Hidden insect or vermin damages;
- Defective construction (if the loss occurs during construction, remodeling or renovation);
- Weight of contents, people and/or property;
- Weight of rain collected on the roof.
A “loss of revenue by collapse” occurs when either a full building, or a portion of the building, suddenly falls down and/or caves in. This sudden collapse can cause destruction of personal belongs and property and could put the building’s occupants in danger. This collapse can temporarily leave a person without a home to live in (such as condominium building collapse) or a business to return to (commercial building collapse).
Insurance policies have exclusions for collapse insurance claims so it’s important to have your public adjuster review your coverage in detail. Filing a commercial collapse insurance claim alone could result in a smaller insurance settlement or worse, a denied insurance claim.
Advocate Claims’ public adjusters are highly trained in all areas of insurance coverage, including collapse insurance, to ensure we can properly represent you during the insurance claim process. Our adjusters understand the stipulations contained in the “other coverage” section of your insurance policy. Additionally, they can interpret your policy and assess the damage and file the collapse insurance claim for you. Call 954-369-0573 today to learn how Advocate Claims can assist with the complicated insurance process and maximize your claim.