When you are a commercial real estate investor, you need to obtain insurance. Otherwise, you run the risk of losing your investment entirely. Once you acquire the property, here are some tips to follow to help you get an affordable policy.
Multiple insurance companies provide investors insurance for commercial real estate. To avoid paying too much on premiums, get quotes from several different companies.
Get Security in Place
Insurance companies look at the level of security you have in place. If you don’t have any, you run the risk of vandalism and other issues. Add a security system to the property so that there’s a discount available to you.
Minimize the Number of People Who View the Property
When you minimize the number of visitors or you properly vet those who tour the property, you reduce the likelihood of having to file a liability claim with insurance.
Look at the Coverage Options
All sorts of different coverage options are available. Take a look at what you need based on the type of commercial real estate you have. Such options include:
- Premises and Operation
- Fire Damage Liability
- Medical Payments
- Personal & Advertising Injury
- Completed Operations
Monitor the Property
If you’re not going to be a “hands on” investor, be sure you assign someone to monitor the property. This will ensure you learn of accidents and report them immediately. Otherwise, you run the risk of not being able to file a claim with insurance because of being outside of the acceptable window.
Contact one of our agents at Ramey King Insurance today to discuss coverage options for your investment. We represent over 80 insurance companies, which allows us to research various possibilities before pairing you with the coverage the truly meets your requirements. And, Ramey King is an independent, local Texas insurance agency committed to providing individuals, families and businesses with steadfast risk management solutions.