How to Buy Building Insurance
Hire a certified professional to evaluate the worth of your building., Make an inventory of items inside the building that must be insured., Look into the costs of insurance for "Lost Rental" income that a landlord often faces when tenant are barred...
Step-by-Step Guide
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Step 1: Hire a certified professional to evaluate the worth of your building.
This person will take outside factors such as location and highway access into consideration when determining the value of your building. -
Step 2: Make an inventory of items inside the building that must be insured.
For instance, the owner of an apartment building that supplies kitchen appliances and/or laundry facilities should have them insured against catastrophic loss.
Add in floor coverings and light fixtures as well as any other amenity provided that could be destroyed by forces beyond your control. , This can be very helpful if you have a small apartment building and count on the rental income each month. , You will be responsible for the structure and any permanent fixtures.
This same requirement is needed if your commercial building is an office complex, the tenants will need to carry rental insurance to cover their personal property, but you will need coverage for the permanent installations as well as the building itself. , This is necessary whether you are an owner occupant or a landlord. , Some areas require flood insurance which is not included on most insurance policies, so make sure you find out if you need it.
You can find out about the necessity for flood insurance from your real estate agent or the local government. , Also make sure that there is coverage for accidents like a clogged pipe or overflowing toilet. , It pays for the rental of a new facility while covered repairs are being made to your building. , Make any repairs to the exterior of the building, such as tuck pointing, replacing or repairing siding and the roof before calling the insurance agents.
A building that is in good repair is much less likely to have accidents such as electrical fires which in turn means a lower premium. , Compare policies to make sure that all offer the coverage you need.
Sometimes you can save money by combining building insurance with content, inventory and liability insurance, but sometimes it's less expensive to use different companies for each type needed. -
Step 3: Look into the costs of insurance for "Lost Rental" income that a landlord often faces when tenant are barred from the property due to an insured loss
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Step 4: a process that can literally take months.
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Step 5: Make sure your tenant in a commercial building used as a retail outlet is carrying enough insurance to cover the fixtures and inventor.
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Step 6: Make sure that all of your insurance quotes include liability insurance.
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Step 7: Check to see if you need extra riders for a catastrophic weather event such as a tornado or hurricane.
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Step 8: Make sure you have a separate flood insurance policy.
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Step 9: Look into "Loss of use" insurance now offered by many commercial property insurers.
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Step 10: Make sure that your plumbing
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Step 11: electricity
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Step 12: heating and air conditioning are all up to code.
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Step 13: Ask for bids from at least 3 different commercial building insurance companies.
Detailed Guide
This person will take outside factors such as location and highway access into consideration when determining the value of your building.
For instance, the owner of an apartment building that supplies kitchen appliances and/or laundry facilities should have them insured against catastrophic loss.
Add in floor coverings and light fixtures as well as any other amenity provided that could be destroyed by forces beyond your control. , This can be very helpful if you have a small apartment building and count on the rental income each month. , You will be responsible for the structure and any permanent fixtures.
This same requirement is needed if your commercial building is an office complex, the tenants will need to carry rental insurance to cover their personal property, but you will need coverage for the permanent installations as well as the building itself. , This is necessary whether you are an owner occupant or a landlord. , Some areas require flood insurance which is not included on most insurance policies, so make sure you find out if you need it.
You can find out about the necessity for flood insurance from your real estate agent or the local government. , Also make sure that there is coverage for accidents like a clogged pipe or overflowing toilet. , It pays for the rental of a new facility while covered repairs are being made to your building. , Make any repairs to the exterior of the building, such as tuck pointing, replacing or repairing siding and the roof before calling the insurance agents.
A building that is in good repair is much less likely to have accidents such as electrical fires which in turn means a lower premium. , Compare policies to make sure that all offer the coverage you need.
Sometimes you can save money by combining building insurance with content, inventory and liability insurance, but sometimes it's less expensive to use different companies for each type needed.
About the Author
Christine Hall
A seasoned expert in arts and creative design, Christine Hall combines 25 years of experience with a passion for teaching. Christine's guides are known for their clarity and practical value.
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