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Commercial Property Insurance

The biggest expense of most businesses is the property they occupy and the equipment they must have to operate. Owning or renting can drastically change the types of coverage that you need but the end goal is the same.

You need property coverage in the case you have a loss, you can rebuild or refurbish your business. 

Maybe you own the building or you own a commercial space in a condo. You have a vested interest in being able to rebuild and re-open as quickly as possible. As an independent agency, we work with CoreLogic to estimate rebuilding costs per your building characteristics so that in the event of a claim we can rebuild your space back to pre-loss conditions.

Building Coverage

Knowing what you are responsible for and how much it costs to rebuild is just step one. 

Step two is choosing the best policy for your particular needs. Property policies can be written with named perils or open perils, open perils giving you much broader coverage for potential claims.  Named perils are limited to certain types of losses which often give the insurance companies an “out”. Many property policies can also contain endorsements limiting coverage for water claims, roof limitations, and theft exclusions. Reviewing your policy regularly helps you make informed decisions on your property coverage.

Understanding Deductibles

Understanding your deductibles is just as important as understanding the level of coverage you have.  Many policies in North Texas and Coastal locations it is common to have split deductibles. You may have one deductible for all perils such as water claims or fire, while you have a separate deductible for wind and hail events (or hurricanes).

Many times the wind/hail/hurricane deductible is a percentage deductible where you are responsible for paying a percentage of your insured value as a part of the claim. A 2% deductible on a $500,000 building could cost you $10,000 for example. Understanding the deductibles and how they apply to your property is important.

Ready to Protect Your Business?

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