Do you think you pay too much for tenant occupied property insurance?
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Answers:
The answer really depends upon your situation. If it was me in you shoes and someone is shaking their finger at me yelling, "I'm going to sue you for all you are worth!" I would want to be insured for all I am worth. Then I would add to that what is my earning or profit potential for the next 7-10 years. Knowing how people are these days, this may not be even be enough. So what is there to do? Well, get all of the facts and provide them to us (insurance@drickardinsurance.com or 607-843-8860) and let us work out some numbers for you based on the facts.
Keep in mind that perception is greater than reality and because of this everyone knows that you landlords are ridiculously wealthy, you certainly do not want to cheap out and low ball your protection.
So let's say that your building has cost you only $100,000 and the rents will be $36,000 annually. You have the location separate from everything else you own by owning the building in a LLC. So it seems that your exposure to loss is less than $500,000. What if the premium for $500,000 is $70 a year. Then, because you are talking this through with the agents at DRickard Insurance, we tell you that to have $1,000,000 would only increase your premium by another $65? What choice would you make?
This is why you should work with us, we can provide you with enough information that you can make informed decisions that you may be comfortable with.
We may want to consult a qualified attorney and accountant for additional information when making these choices.
For more information and to find out if your tenant occupied property qualifies for the insurance policies we have found please contact us at insurance@drickardinsurance.com or 607-843-8860.
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