Your Commercial and Residential Properties Need Customized Water Damage Insurance

Every commercial or residential property has unique risks. All are susceptible to the various perils associated with water, including leaky pipes, mold, HVAC system issues, broken dishwashers and refrigerators, and flooding. When property owners seek water damage insurance to cover these perils, they can find the protection they need only through a solid property insurance policy.

Identify coverage gaps to prevent unforeseen expenses or loss of revenue

HUB works with you to identify gaps in your property policy that could lead to material and business losses. The first step is to help you understand the types of risks your current policy does and does not cover. Risks that aren’t covered, commonly known as exclusions, could lead to claims on the liability side. When determining the strengths and gaps in your policy, we consider a number of factors:

• Age and condition of plumbing and HVAC systems
• Number of fixtures, sinks, toilets, and kitchens
• High-priced equipment owned by commercial tenants
• Location in or near a flood zone

Flood is usually not a covered peril in property insurance policies. In most cases, you need to purchase a standalone policy or add flood coverage to the one you already have. Your particular risk profile for flood—along with your property’s history of water issues—informs how we tailor your water damage insurance solution.

How HUB advocates for your properties and bottom line

As a large broker with strong relationships in the insurance marketplace, we can get you the coverage you need. Part of our process includes analyzing your property’s risks so we can understand how to mitigate them and minimize potential future losses. A property loss prevention and preventative maintenance plan helps us make the case for rates and limits that are in your favor when negotiating with insurers. In addition to managing cost, our approach also helps you avoid claims on the liability side by focusing on preventing damage, avoiding shutdowns, and easing remediation efforts.

Consultative services are a key part of your insurance solution

HUB not only provides comprehensive water damage insurance to protect your property, but also offers consultative services to give you peace of mind:

• Preventative maintenance – During a custom and tailored on-site risk assessment of your property, we identify current issues, potential concerns, and opportunities for solutions such as smart leak detectors.
• Response plan – Based on your property’s unique risks, we create a water damage mitigation program that includes an emergency response plan.
• Training – To support your response plan, we lead training sessions for property managers on loss prevention and disaster recovery and restoration.

HUB’s experienced experts help you avoid costly surprises

Our water damage insurance experts are in the field every day. From corrosive pipes in high-rise condos to moldy walls in museums, they’ve seen the full spectrum of damage. Your insurance solution is built on their years of expertise. You should be aware of some of the common issues we’ve documented:

• Poor-quality contractor work – Property managers may not know how to properly screen and vet contractors, which can lead to unexpected problems and even claims on the liability side.
• Aging building systems – When galvanized pipes are used instead of copper, which was once a common practice, buildings can suffer major corrosion 30-40 years down the line.
• Missing emergency plan – Responding quickly in the event of a leak or flood is crucial, so property managers that lack a response plan may not shut off the water valves in time to prevent damage.

Even if you haven’t experienced any of the issues above, it’s still smart to be prepared for the worst-case scenario with a property policy that’s customized to your needs.

Contact a HUB water damage insurance expert to get started.