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Fire & Water - Cleanup & Restoration

Deductible Storm Damage

8/30/2019 (Permalink)

Broken glass of storefront of a commercial building Commercial storm damage in Haller Beach, WA

Deductible Storm Damage

While most businesses have commercial insurance policies, the coverage received after making a claim may not be enough to mitigate all expenses. Therefore, when a company incurs extensive storm damage, owners might be wondering what is tax deductible and what is not. Thankfully, as long as an owner makes a claim on their commercial policy, they can claim the rest of their financial losses on their taxes. However, when it comes to specific deductions, there are at least four types.

1. Restoration Work

Storm restoration specialists in the Haller Beach, WA, area are necessary, but their services may not be cheap. While a commercial policy may cover a significant portion of the property's restoration, the rest will need to be paid out-of-pocket by the property owner. However, this out-of-pocket expense can likely be deducted from a business's taxes come year-end.

2. Water Damage

Water damage is a common problem after a storm. There can be leaks that develop in the roofline or even around windows and doorways. While this type of storm damage is common, and many commercial policies cover certain losses caused by it, there are instances where commercial plans won't kick in. For example, if there is a flood. Thankfully, if your commercial policy does not kick in, you might be able to deduct the expenses.

3. Wind Damage

Wind damage typically results in roof damage, but it can wreak havoc on landscaping and glass. Many commercial policies cover this type of loss because of the universality of it. However, depending on your deductible with your insurer, your coverage may not be enough, requiring extra relief through tax deductions.

4. Other

There are other instances where your insurer may not provide coverage, but the affected area is included in on a presidential declaration of a national emergency. When this happens, you can use the declaration as a way to get tax relief when it is time to file.
Storm damage can present a significant expense to businesses and commercial property owners. Thankfully, you can find some relief in tax deduction at year-end. Therefore, don't hesitate to hire and ask for help in breathing life back into your operations.

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