10 Nov Commercial Property Insurance and Safety Guidelines
Whether a home is used as a primary, vacation or rental property, every owner needs to have some form of insurance to cover those unexpected issues. Adding a policy to a property can’t be the only form of protection either. There are numerous safety guidelines that can be implemented at a property because they enhance the commercial property insurance value to the owners. Consider these minor changes to the property so that any concerns are put to rest.
Lower the Deductible
When a property owner first purchases a building and are looking for reasonable building insurance quotes, they may choose a high deductible on the insurance in order to save money. However, choosing investor property insurance with a high deductible only motivates the owner to ignore certain issues. It’s a good practice to lower the deductible so that the policy can be used as a way to enhance the property. A low deductible makes the policy easier to use as owners shore up their real-estate investment.
Add in Cameras
Cameras are inexpensive and small components that can be added around a property. Use the cameras when the property is vacant so that any damages are documented in real time. Alter the cameras’ positions when tenants move in. The video might capture a driveway or pathway where any suspicious characters can be recorded. These safety tools are beneficial to both tenants and owners as the property becomes a haven from any negative issues.
Be Transparent with Tenants
When owners rent out their property, the tenants have firsthand knowledge of any issues that occur within or around the property. Strike up a strong bond with the tenants, and convey to them that any information about property’s problems is welcome information. If it’s caught early, the property owners can fix it without a major repair cost. Any issues that involve rental property insurance can also be resolved in a rapid manner when tenants and landlords are transparent with one another.
Visit the Structure Covered by Commercial Property Insurance
Being proactive at the property will only help its value and preserve its longevity. Inspect the property once a month, and verify that it’s structurally sound. Explore the interior and exterior whenever possible because repairs appear in almost any location. Any slightly damaged or weathered items might be noted so that they can be repaired in a timely manner. Neglecting the property will only increase insurance costs over time. Minor repairs on a regular basis might lower those premiums while maintaining sound coverage in case of any significant claims.
Update Any Declining Items
Commercial property insurance is not designed to be a maintenance tool for a business. It’s simply a safety net in times of major disasters or natural phenomena. Update major items when they’ve come to the end of their service life. Roofs, foundation shifts and other significant issues should be updated without involving the insurance. Report the repairs to the coverage holder, however, so that it can be noted in the policy. The coverage may need to be altered in the future to protect the property’s new value, but it is a necessary step to continue a sound policy in the event of a claim.
The property’s needs will change over time, so read over any rental property insurance policies or commercial property insurance definitions when they are up for renewal. Omit, change and add any provisions that are necessary like commercial building liability insurance at this point. When property owners are diligent about their coverage, they can keep their commercial insurance rates as low as possible.