Increase in insurance

[Fernando]

You should ask your insurance agent to run an estimate, they will have the appropriate software for your carrier in their office.
You can ask to sit with them while they enter the data.
You will need to have typical details for cost approach, but also information on separation of responsibility for improvements and betterments.
Who owns and is responsible for insuring interior finishes, awnings, built-in furniture, ovens, hoods and fire suppression, freezers, etc.?

I just need minimum amount to help pay for replacement cost. I'm willing to take chance of low possibility of misfortune.

 

[Fernando]

An insurance is coming up for renewal and has two options for replacements costs - one is for $368/sf and another is 325/sf.
It appears it costs over $300/sf for commercial stores.
Of course, I'll opt for the lower insurance premium.

 

[ITVSME]

Policy terms can far be more impactful than premium: review credit for higher deductible, watch for difference in coinsurance that would impact partial losses (100% coinsurance = no cushion, 80% = 20% cushion), watch for coverage limitation/exclusion for unreported assets (parking lights, signs, fences).

 

[Fernando]

Policy terms can far be more impactful than premium: review credit for higher deductible, watch for difference in coinsurance that would impact partial losses (100% coinsurance = no cushion, 80% = 20% cushion), watch for coverage limitation/exclusion for unreported assets (parking lights, signs, fences).

Thanks for those considerations. I also consider the type of tenant I have especially if the business has large customer foot traffic and possibility of them burning them the place especially restaurants. Current codes are strict for restaurant safety set up ...right?

 

[Dublin ohio]

Current codes are strict for restaurant safety set up ...right?

I would assume they are pretty strict for their purposes. They may see the hood and confirm it is working and has proper safety equipment. But do yourself a favor and take a walk through the kitchens. Look for grease buildup on the stove, ovens, deep fryer and hood. Especially the grease filters on the hood. Most common cause of kitchen fires in restaurants is grease fires.

 

[Tom D]

count your blessings oh rental king.

Louisiana already has the second-highest average rate for home insurers at $6,354 yearly, according to Insurify. But by the end of 2024, the state could see rates surge by a whopping 23 percent, Insurify projections indicate.
The likely severity of this hurricane season will be felt especially hard in places like Louisiana as well as Florida, which currently has the highest home insurance premiums in the country.
There, homeowners pay nearly five times as much as the average American, with south Floridians paying up to seven times more. For Miami residents specifically, that adds up to nearly $17,000 per year.
Across the board, home insurance premiums rose by 23 percent in the last year, creating a substantial burden for homeowners, according to Quadrant Information Systems.

 

[Charles West]

My insurance agent appreciated my heads up about the new roof covering as well as the service panel upgrade on another. Anything to keep the rate creep at bay.

 

[Fernando]

count your blessings oh rental king.

Louisiana already has the second-highest average rate for home insurers at $6,354 yearly, according to Insurify. But by the end of 2024, the state could see rates surge by a whopping 23 percent, Insurify projections indicate.
The likely severity of this hurricane season will be felt especially hard in places like Louisiana as well as Florida, which currently has the highest home insurance premiums in the country.
There, homeowners pay nearly five times as much as the average American, with south Floridians paying up to seven times more. For Miami residents specifically, that adds up to nearly $17,000 per year.
Across the board, home insurance premiums rose by 23 percent in the last year, creating a substantial burden for homeowners, according to Quadrant Information Systems.

Insurance rates increase are justify for South Florida. Current rain is over 10 inches. Such deluge of range would be nightmare for me with flooding and no doubt damage to lots of buildings.
Seems like South Florida has many often occurring water problems every summer (hurricanes, storm, etc). Hate to own a home there. Maybe a penthouse on a high rise building overlooking the ocean.

 

[Surf Cat]

Hate to own a home there. Maybe a penthouse on a high rise building overlooking the ocean.

You mean like this one?

 

[Fernando]

You mean like this on

With so much flooding in South Florida, many homes would be damaged. Lenders should ask appraisers to drive by recent appraisals to see if any damage to their collateral. More work and money for appraisers.