Your property is covered against sudden and accidental damage. There are key exclusions, notably ood, earthquake, sinkhole collapse, wear and tear, pollution (an oil tank that leaks, for example), damage caused by vermin, intentional acts, and others. Mold coverage may be limited, and water backup typically needs to be added.
If you are required to rebuild your property differently because of laws or ordinances – such as changing the setback of a building – you are not covered unless your policy contains this coverage.
A Business Owners Policy is usually the best value for a small to medium sized commercial investment property, providing coverage for a building, contents, loss of business income, and premises liability in a single policy.
If your building has a business in it, or if you have five apartments or more you need a commercial policy to cover your property.
Good insurance policies require that a building be valued at reconstruction cost, which is based upon labor and material costs, debris removal, demolition, and other factors. This is usually not the same value as the market price. The purchase price of multi-family homes and commercial properties is normally valued based upon the income it generates,…
A good one should provide at least 12 months of lost income if your multi-family is damaged by a covered peril. More can be added to ensure that you have enough money to cover for the rent you can’t collect while the house is being repaired.
If you completely rent a one to four family house and there is not a business on the premises, you need a landlord or dwelling insurance policy. Dwelling policies are similar to home insurance in many respects but are more expensive, as there is a greater chance of having a claim when the owner is…
We suggest that all of your tenants be required to carry renter’s insurance for themselves as part of their lease with at least $500,000 in liability coverage. We also suggest that your lease require you to be named as an additional insured. Renter’s insurance is normally inexpensive, and your policy as a landlord provides no…
Credit is used by nearly all insurance companies to either calculate a price or for acceptability.
Some policies are designed for less expensive homes and contain few additional coverages often found in higher end policies. Call us and we can discuss your situation and recommend different options.