A building is a substantial investment. Buying the right insurance to protect that investment is an essential part of the process. If you are evaluating a buildings insurance quote for the first time, there are some elements that you should look for.

Building Limit

The first part of the insurance quote will establish the property location and describe the property in detail. The address, the insurable value, the age of the building, and the construction of the building will be stated. These are factors that impact the premium so be certain that you check this information carefully.

Personal Property

The second part of the quote will state the amount of coverage for “Personal Property”. Personal property is the items that reside within the building. It could be the contents of a home or the business equipment, supplies, office furniture, or stock for a commercial building. A sub-limit for “Personal Property of Others” should be stated as well. This limit could have a particular impact on a business insurance quote.

Loss of Use

For a commercial building, this limit will include either “Business Interruption” for owner occupied buildings or “Loss of Rents” for a commercial building that is leased to others. This coverage reimburses for the financial losses a building owner sustains if a building is unusable due to a covered property claim.

Liability

Liability insurance can be offered within the same insurance quote as a building or quoted as a separate insurance policy. Either way, protecting your investment from possible liability lawsuits is just as important as insuring your property from such risks as fire or theft. The liability limit should be stated clearly with options to increase the coverage, if you need to do so.

Different insurance companies offer different property coverage forms and options. When reviewing a buildings insurance quote, be certain that each company is quoting the same limits. This way you can determine which quote offers the best coverage at the best rate.

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