Property Owners: Make Sure Your Property Insurance is Cost Effective
Property insurance can appear to be a black hole. As insurance carriers become more discerning, it becomes harder to get competitive bids. So how do you get competitive, cost-effective insurance?
The answer is by having a 360-degree view of the property and how it’s run with the support of an experienced property management firm. This approach allows owners to recognize and change the issues that affect insurance carrier coverage and rates over time by using the following approaches:
- Insuring commercial properties for replacement costs, so that you end up with the same or better post-disaster structure regardless of fluctuating materials and construction costs.
- Plan property updates that take natural and man-made disasters into consideration to keep premiums low.
- Don’t put off roof, plumbing, heating, and electrical updates since damage that comes from faulty systems can raise premiums and cost more in the long run.
- Invest in property updates that keep tenants happy since a history of constant turnover can affect insurance rates.
Eliminate the potential for recurring water damage claims by looking for and remediating root causes before it leads to dropped coverage.
It’s not always easy to see how these things connect to higher insurance rates when you’re focused on day-to-day tasks. An experienced property management firm is better positioned to take the long view of the property to help you make strategic decisions that:
- Save more money over time
- Keep premimums and coverage costs as low as possible
- Avoid dropped coverage
This can’t be done with a property owner’s DIY approach, as it involves seeing complex connections such as: how to scrutinize budgets, projects, service vendors, and market rates that often elude even the most attentive owner. By partnering with owners, Sentry Commercial’s Property Management Division brings the experience, approach and expertise needed to help owners avoid extra expenses – saving them time, money and lots of headaches.