Where to draw from Commercial property insurance?
I have just purchased an investment property that have 3 apartments and a storefront in NJ. I am just have a hard time to find an insurance company that covers commercial property.
Do you know any good insurance company that get this type of coverage?
Answers:
I would recommend that you call a local Farmers Insurance agent.
Farmers has a great and competitive marketplace for commercial properties.
They also do mix-use, so it would be good for your risk, where its both an apartment building AND a storefront.
Their rates are great (atleast contained by California), they are well known, and they make available 100% replacement cost for the coverage. Many commercial insurance companies have a co-insurance clause on their policies of 80%.
Yep, you're probably trying to "go direct" with State Farm, Allstate, etc.
You're going to enjoy to get a commercial property policy, through an INDEPENDENT agent. IT's not cheap. The liability only, for this, is probably going to run you $1,000, and the property cost will depend on the type of coverage you hold, and the value of the building - probably at least another $1,000.
You can find a local agent through www.iiaa.org . . . .this is NOT a coverage you'll know how to buy directly, yourself.
Home insurance covers lots of different things. I don't understand all the details of my homeowners policy, but my home insurance agent is other a phone call away. Try calling your agent or a agent in your town. http://www.usinsuranceadvisor.com/Home-Insurance.html They will be capable of assist you.
A small commercial "independent broker" is your best shot. Your account is too small for the big brokers to be interested and lots of the direct writer carriers will not be able to write this because it is "mixed-use" which manner a combination of residential and commercial in the same building.
Related Questions:
Do you know any good insurance company that get this type of coverage?
Answers:
I would recommend that you call a local Farmers Insurance agent.
Farmers has a great and competitive marketplace for commercial properties.
They also do mix-use, so it would be good for your risk, where its both an apartment building AND a storefront.
Their rates are great (atleast contained by California), they are well known, and they make available 100% replacement cost for the coverage. Many commercial insurance companies have a co-insurance clause on their policies of 80%.
Yep, you're probably trying to "go direct" with State Farm, Allstate, etc.
You're going to enjoy to get a commercial property policy, through an INDEPENDENT agent. IT's not cheap. The liability only, for this, is probably going to run you $1,000, and the property cost will depend on the type of coverage you hold, and the value of the building - probably at least another $1,000.
You can find a local agent through www.iiaa.org . . . .this is NOT a coverage you'll know how to buy directly, yourself.
Home insurance covers lots of different things. I don't understand all the details of my homeowners policy, but my home insurance agent is other a phone call away. Try calling your agent or a agent in your town. http://www.usinsuranceadvisor.com/Home-Insurance.html They will be capable of assist you.
A small commercial "independent broker" is your best shot. Your account is too small for the big brokers to be interested and lots of the direct writer carriers will not be able to write this because it is "mixed-use" which manner a combination of residential and commercial in the same building.
Related Questions:
- I yearning to return with into Commercial Insurance Underwriting..?
- Can an insurance broker who does healthcare and retirement benefits also do Commercial insurance.?
- What's the difference between commercial strength insurance and stock strength insurance?
- Does anyone know the mark of the song to be precise individual used surrounded by the 21st Century insurance commercials?
- What song is this? insurance commercial?