How to do a fire damage estimate
How To Calculate Fire Damage
Fire damage is the fourth most common type of small business claim and the third most costly, according to The Hartford. The average insurance claim total is $35,000. There are several factors to consider when making an estimate of damage to a commercial structure in South Jordan, UT.
Extent of Damage
A minor fire will likely to cost less to restore than a major disaster. A property owner may want to consider:
- How many square feet of a structure are damaged
- Whether adjacent businesses or buildings have sustained damage
- The condition of building materials and contents
Cleanup and restoration costs will be higher if most of a building is damaged or a fire has affected neighboring properties. It may not be necessary to file a claim if a small fire was extinguished before spreading.
A commercial fire cleaning service has the expertise and equipment necessary to quickly clean up and restore damage. Professional cleaning may allow for a shorter interruption in business. Most commercial property insurance policies cover restoration services.
Repair or Replacement
The amount of building materials and contents that can be cleaned or repaired or which must be disposed of and replaced also impacts the overall cost of fire restoration. Gather proof of purchase when making an estimate and ensure your policy covers replacement costs.
Duration of Interruption
The longer a business is closed due to fire, the more revenue will be lost. An interruption rider on a commercial insurance policy can be applied to:
- Continued expenses
- Loss of revenue
- Temporary relocation costs
Damage restoration can take weeks. Check policy limits to make sure that sufficient coverage is available. It may be possible to avoid filing an interruption claim if a business can operate out of another part of the affected structure or a temporary location.
These guidelines can be helpful in making preliminary calculations. Property owners should also obtain an estimate from a fire damage cleanup and restoration company in South Jordan, UT.