Commercial Real Estate Attorney Austin. When it comes to commercial real estate, one of the most important things to invest in is insurance. This is something that will always help you out in the event that your property were to become damaged in any way as a result of incidents such as fire, inclement weather, and more.
Here are three useful insurance tips involving commercial real estate to consider making note of.
*First and foremost, perhaps one of the most useful insurance tips for commercial real estate is to know when not to file a claim. Oftentimes, it can make sense to not file a claim for any kind of damages. For instance, if you have either minor water damage or flood damage that may result in you having to pay only a few thousand dollars to fix, you may just need to write a check for this, especially since your insurance company will only end up increasing your premium after this kind of claim. Due to the fact that water can be so intrusive, insurance companies will often place you on a warning list and search for ways to cancel your policy once you have been paid.
*Another of the most useful insurance tips for commercial real estate is to simply know the basics. For instance, beginning investors should know about premiums, deductibles, and coverage, while all commercial property owners should always know about basic coverages such as commercial property insurance, general liability, business income coverage, and loss of rent coverage.
*Commercial Real Estate Attorney Austin. One other great insurance tip for commercial real estate is to never broadcast your actual claim amount. Always keep all details of your claim to yourself and request that all claim money be sent to you rather than either your property manager or contractor.