Do you have adequate coverage to rebuild in the event of a loss?

With property values rising faster than ever before, now is the time to the review your Commercial Property insurance. It’s critically important to understand the limits in your current policy for replacement costs in the event of a covered loss. Material and labor costs are significant factors behind the increase of construction budgets. Another unique factor is the delay in construction due to supply chain issues that can cause an interruption in your ability to operate. The policy might also provide coverage for loss of income if the damaged property cannot be used.

Factors to consider when evaluating Commercial Property Insurance:

1. Limits – if your property is covered on a “Replacement Cost” basis then the limit should be sufficient to rebuild or replace the property with like kind and quality. An adequate limit could be difficult to calculate for old building with ornate construction or even for newer buildings with sophisticated equipment.
2. Deductibles – Opting for a higher deductible could save you premium dollars today, but you’d pay more out-of-pocket in the event of a claim.

Additional coverages or enhancements to consider:

• Ordinance or Law Coverage
• Equipment Breakdown
• Water Backup and Sewer Overflow