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With skyrocketing property values, many investors have found a great value in purchasing light industrial buildings. Because of our long time commitment to providing superior coverage and service to landlords this is yet another type of insurance where our experience shows. |
And when you’re ready to convert these units to commercial condos, we can help transition your coverage from landlord to association.
Important Optional Coverages Are Available
Building Ordinance & Law Coverage
After having a claim which is covered by your policy, you may incur additional expenses while rebuilding your property due to local building codes. From demolition to debris removal, to zone laws and building codes. State and local requirements regulate how you can rebuild your property after a loss. You may even be required to make improvements to parts of your building that were not damaged in the loss. If you do not have this coverage endorsed on to your policy, you will be paying for these increased costs out of your pocket.
Commercial Earthquake Insurance
Due to this high value of commercial real estate your lender may require that you carry earthquake insurance. The commercial earthquake insurance market is difficult and requires an agent who knows where to find this coverage.
Loss of Income – Extended Period of Indemnity
The average insurance policy out there provides coverage for loss of use to your building after a covered loss but is limited to a period of only 12 months. A large amount of that time can be eaten up simply by waiting for building permits. Many companies don’t even offer longer terms, however the companies that we’ve partnered with have the ability to offer loss of income coverage for up to 24 months. You may even elect to purchase an extended period of indemnity, in 30 day increments, to account for the period of time it takes to get tenants back into your building once it has been repaired.
Equipment Breakdown
Often referred to as “Boiler and Machinery” coverage, today’s office buildings have much more modern equipment that can be included in this coverage. From extensive HVAC units, to electrical panels and elevators, we’ve got this coverage available for clients who need it.
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