Buildings come in all shapes and sizes and serve a wide range of purposes, including rental income. The one thing all these different buildings have in common is value. Value that needs to be protected with the appropriate building insurance coverage.
Commercial building insurance protects your investment in commercial buildings.
This includes but not limited to things like:
- Building structure
- Rental Income
- Outbuildings (if any)
- Outdoor signage
- Fencing and landscaping
- Ordinance or Law
The coverage for these will be laid out in your building insurance policy.
What are Covered Events for Building Insurance?
Covered events vary, to some degree, from one insurance provider to the next. While most include the following types of damage, some may protect against more or less of these events:
- Fire and smoke
- Wind-driven damage
- Internal water damage (excluding flooding)
- Ice and snow damage, caused by collapsing roofs
Check your policy for specific coverages and exclusions and to make sure you’re comfortable with the monetary coverage for these types of damage. We can help you navigate the process to make sure you get the protection you expect from your policy.
Who Needs Building Insurance?
There are certain situations in which you need building insurance, including if you have a mortgage. Your lender will require building insurance as a condition of the mortgage. While it’s not compulsory to have building insurance if you don’t have a mortgage, it’s highly recommended.
If you lease a building, your lease may specify that you need property insurance on the building. As a tenant, though, your landlord typically has acquired property insurance.
How Much Building Insurance Do You Need and Is Additional Protection Necessary?
The big question that only building owners can answer for themselves is whether to insure your commercial property for its full value or to take some of the risks as your own in the form of higher deductibles.
We will discuss your options and help you come up with a solution that gives you the protection you desire and the peace of mind you require.
You’ll also want to talk to us about additional coverages, such as building ordinance coverage, flood insurance, earthquake insurance, and business income insurance, to name a few.
Work With Us
Contact Generazio Associates, Inc. Insurance at (973) 429-8100 to discuss how we can help with your building insurance needs.