Obtaining insurance is a must for any property owner, but you need to make sure that the subject property is as attractive as possible to the insurance company in order to receive the most competitive rates. Taking a few affordable and simple steps prior to an inspection by your insurance company can ensure the safety of your property and potentially lower your rates.
As part of the process of evaluating your building for a new policy or renewal, the insurance company will typically send a representative to evaluate your building in person. The impression the insurance company representative has of your building can have a significant impact on your insurance rates.
Additionally, those of you who have been in the real estate business for a while know that after insurance companies inspect a building, if the inspector is not satisfied with the condition or safety of the building, they will issue a letter of recommendations. These letters can sometimes run a few pages long and can be very expansive to fix. At times the insurance companies will even issue a cancellation notice if you don’t comply with these recommendations.
By following the steps listed below, you can make your building more attractive and lower your insurance rates.