How to Choose an Insurance Policy for Your Building

Posted by Braden Equities Inc. on Jan 11, 2016 8:00:00 PM

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The key to purchasing building insurance is getting the right type of coverage. It is also important to be truthful when speaking with your insurance company about the condition and status of your building. If you forget to mention something they could refuse any future claims that you may have.

Creating a list of insurance brokers offering commercial insurance is a good first step. You should seek quotes from a few different insurance brokers to make the best decision on the insurance company you will use. Take your time while weighing all of the options for purchasing building insurance to get the best coverage and price.

The next step should be to schedule a meeting with the potential broker to discuss your insurance options. Be ready to ask questions about the coverage your business needs and company that will be providing the insurance. The broker should be able to provide you with strong justification for selecting a particular insurance company. Also, be sure to check with your mortgage company regarding any insurance coverage to ensure it meets your requirements.

5 Questions to ask when comparing insurance policies:

  • How much will you need to pay yourself if you make a claim?
  • Are you covered for damage from burst pipes or water tanks?
  • Will you pay less on your premiums if you’ve gone for a while without a claim?
  • Will the amount of coverage go up to meet the rising cost of building materials?
  • Will the insurance pay for you to live somewhere else if you can’t live in your house after it’s damaged – for example by a fire or a flood?

Most people hate to talk about insurance. It is a fairly dry subject and brings up negative thoughts of unfortunate situations. But why would you want to risk losing everything you have worked so hard for by avoiding dealing with it? 

Whether your building is big or small you need to protect your investment. This is an absolute necessity for any business owner. Commercial Property Insurance covers most financial losses you may encounter in the event that your building is damaged in an event like a flood or fire.

Click here to read about fire safety tips for buildings.

 

What are the common questions that you ask your insurance company?

We look forward to your comments.


 

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With nearly 40 years in business, Braden Equities Inc. is one of the premier property management companies in Edmonton and the surrounding area. Our management style is tailored to the unique needs of each one of our clients, and we work as a team to ensure that every project is treated with the care and attention it deserves. We pride ourselves on having the best staff in the industry, backed by strong, proven management systems that deliver results. We firmly believe that paying attention to the details can make all the difference.
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