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Beyond the Premium: Smart Insurance Strategies for Commercial Properties
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Ever wondered why your commercial property insurance premiums skyrocketed—or why insuring a seemingly indestructible metal building can be surprisingly difficult? In this enlightening conversation with insurance expert Mike Price from Hub International, we unravel the mysteries behind one of the most significant expenses in commercial real estate ownership.
The timing couldn't be better for this discussion. After years of what the industry calls a "hard market"—where insurance options were limited and premiums doubled or tripled—we're finally entering a "soft market" phase. Mike explains how this market shift is creating new opportunities for property owners to secure better coverage at more competitive rates. This knowledge alone could save listeners thousands on their next insurance renewal.
We tackle the counterintuitive reality that metal buildings, despite their durability and low maintenance requirements, are considered high-risk properties by many insurance carriers, especially those constructed before 2005. Mike reveals the actuarial reasoning behind this perception and offers practical strategies for improving insurability through documented updates and improvements. For anyone owning or considering investing in industrial properties, this segment provides crucial information that could prevent major insurance headaches.
The conversation also covers essential topics for landlords, including how to properly allocate insurance costs in triple net leases, what coverage to require from tenants, and how timing your insurance procurement during property acquisition can impact your options and rates. Mike shares insider knowledge on presenting properties in the best light to underwriters, potentially unlocking better coverage and pricing.
Whether you're managing a multi-tenant retail center, investing in industrial properties, or considering your first commercial real estate purchase, this episode delivers actionable insights on navigating the complex world of property insurance. Don't miss these strategies that could significantly impact your investment's bottom line and long-term profitability.
Learn more about Blue Commercial Properties on our website.
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By Blue Commercial PropertiesSend us a text
Ever wondered why your commercial property insurance premiums skyrocketed—or why insuring a seemingly indestructible metal building can be surprisingly difficult? In this enlightening conversation with insurance expert Mike Price from Hub International, we unravel the mysteries behind one of the most significant expenses in commercial real estate ownership.
The timing couldn't be better for this discussion. After years of what the industry calls a "hard market"—where insurance options were limited and premiums doubled or tripled—we're finally entering a "soft market" phase. Mike explains how this market shift is creating new opportunities for property owners to secure better coverage at more competitive rates. This knowledge alone could save listeners thousands on their next insurance renewal.
We tackle the counterintuitive reality that metal buildings, despite their durability and low maintenance requirements, are considered high-risk properties by many insurance carriers, especially those constructed before 2005. Mike reveals the actuarial reasoning behind this perception and offers practical strategies for improving insurability through documented updates and improvements. For anyone owning or considering investing in industrial properties, this segment provides crucial information that could prevent major insurance headaches.
The conversation also covers essential topics for landlords, including how to properly allocate insurance costs in triple net leases, what coverage to require from tenants, and how timing your insurance procurement during property acquisition can impact your options and rates. Mike shares insider knowledge on presenting properties in the best light to underwriters, potentially unlocking better coverage and pricing.
Whether you're managing a multi-tenant retail center, investing in industrial properties, or considering your first commercial real estate purchase, this episode delivers actionable insights on navigating the complex world of property insurance. Don't miss these strategies that could significantly impact your investment's bottom line and long-term profitability.
Learn more about Blue Commercial Properties on our website.