2020’s Summer has been one of uncertain outcomes, health concerns and protests — the protests of which have impacted a great deal of economic activity. The impact includes the occasional property damage resulting from the more extreme instances of civil unrest.
As the protests continue to simmer throughout the country, we ought to ask ourselves about insurance. Insurance coverage is already complicated enough, but what happens when it comes to these public demonstrations? Without authorities apprehending a suspected vandal, you may just have a lot of pieces to pick up.
Will your insurance cover you? What are your options if they do not? Knowing what to expect from your insurance policies and lease agreements can prepare you for how to handle these instances in the future.
Assessing the damage
According to USA Today, it could take months to assess the financial toll of 2020’s civil disorder. From arson, violence and vandalism, sources estimate that it could be one of the costliest. But small-business and auto insurance insurance policies often cover the damage in question.
Securing the coverage
Promptness is important in situations like this. Steps like documenting the damage, preventing further damage by boarding up broken windows (and avoiding premises liabilities) and reporting quickly can make the process smoother.
When it comes to property damage, many policies have substantial coverage — but for issues like business interruption, things may get confusing. It may fall down to interpretation and legal action. If an insurance company refuses to cover property damage or lost income due to interrupted business, there are options and resources available to resolve the issue and get you the coverage you need to move on.