Commercial real estate owners vary in the types of people and businesses they lease or rent to. Some may have tenants in retail or manufacturing, perhaps some sort of service industry or warehousing, as well as numerous other commercial activities. This means they have different exposures and concerns that they all must deal with. Some of these can include the use of hazardous materials, while others may house third-party property worth millions of dollars, and others still may be responsible for the safety of dozens of families living on their property.
Regardless of whether you own or manage hotels, office space, retail operations or residential properties, securing your building is one of the most important considerations that you’ll ever have, and therefore you need to assess your building’s risk and have the necessary New York real estate insurance in place to deal with many of these issues.
Carrying proper amounts of insurance is crucial
One of the key concerns for owners and developers of real estate usually centers on proper insurance to value, which includes casualty risk transfer, concerns about theft and other crimes, high limit liability protection, vacant properties (many commercial properties today suffer from vacancy problems that affect their insurance qualifications), and of course, buildings in the course of construction.
Insurance for apartment buildings, office buildings and shopping centers can easily be tailored for your business, along with any or all of the following:
- Strip malls
- Office/Industrial parks
- Industrial/Manufacturing buildings
- Professional office complexes
- Self-storage facilities, and
- Residential condominium complexes
For reasons of practicality you need a specialist in commercial real estate that is able to combine the best practices of managing risk with a wide variety of insurance options, including products and programs, in order to tailor a protection plan for you and your properties.
Partner with an insurer that has access to many top rated insurance companies and the experience to help you assess key risk exposures; with that as a starting point you can hopefully shop for a budget friendly solution. Talk to an agent about New York real estate insurance today and ask for a quote.