Property insurance is a category of insurance policies that provide financial reimbursement to the owner of a structure or ;its contents, in the event of a random external event. Property can include Buildings, Hotels, ‘BPP’ (Business Personal Property), inventory in transit, just to name a few. Earthquake and Flood insurance are considered property coverage.
BPP is usually the thing that most businesses want to cover. It includes all of the things that you buy to run your business – tables, computers, refrigerators, etc.. in general, we classify BPP as things that belong to the business that could be taken with you if you decided to move across town.
Insuring buildings is often tricky, because Commercial property Insurance only covers the reconstruction amount of a building, which can often be tricky to estimate. To do this, we use a reconstruction calculator. Two of the largest, most used calculators are Marshall Swift 360Value. Neither is perfect, but both are better than a guesstimate. While it is important that your building is not over-insured, being under-insured is even worse. Imagine if you were only insured to cover half of your building, and half of it burned down – and the other half was destroyed by smoke damage!
Our agency is especially competitive with insuring property. please call us so that we can offer you our best quote today.
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