Buildings house many people and their possessions. From commercial use to private and residential use, it’s necessary for building owners to have an insurance policy in place to protect themselves in case something goes wrong. Incidents happen all the time, and floods, fires, and more disasters can be devastating for residents and building owners alike.
Fortunately, building owners can choose to tailor their insurance policies to their property. A comprehensive liability policy provides coverage for property damages and injuries experienced in and around the building, as well as the surrounding structures (if it is listed in the policy as covered). Inside fixtures such as the sinks, tubs, and pipes, as well as the outside fixtures of walls and fences may be covered in a policy. Outdoor structures, like garages and sheds, may be covered if you opt for this protection.
Building insurance doesn’t just protect the four walls. It also gives the owner peace of mind that their property and liability to pay for potential lawsuits are taken care of. The insurance company will have the responsibility of paying claims filed up to the coverage amount, taking the worry and stress off of the building owner. Additionally, if a lawsuit against the policyholder arises, the insurance company will conduct its own investigation to make sure that the legal matter is justified.
Commercial building owners get to choose from “named-peril” or “all risk” insurance policies. A named peril policy covers damage to property by any incident specifically listed in the policy. On the other hand, an all risk policy covers damage to the property for all incidents, except those named in the policy. For residential property owners, there are individual policies available, as well as bundled packages that encompass several policies under one entity.
Be aware that buying the minimum amount of coverage may cause trouble for you down the road. Not buying enough protection to cover losses or damages to property or people creates financial strain as well as future livelihood. This shortcoming can leave him or her responsible for award amounts and rebuilding costs that overrun their coverage limit. Building owners should assess their coverage bi-annually, as well as when their needs change.
If you’re unsure about where to begin and what policy works best for your building, talk to one of our experienced agents. Once the location, type of property, and risk are assessed, we will be able to customize coverage to suit your building, location, and needs, all for the right price.