FLORIDA/TEXAS, May 2023—This time of the year, when kids have finished schools, many families are in the process of relocating or just finding a new home and real estate agents get busy, busy, busy.
As a small real estate business owner you will want to keep your business covered with property and liability insurance, in a cost effective and efficient way.
As it is in many cases for business owners, it all begins with a Businessowners Policy, also known as BOP, in this case, that is tailored to the type of real estate you specialize in. Understanding that the needs for commercial real estate are completely different than those for personal real estate, as an example.
Your BOP policy will typically have coverages that are similar to property and liability insurance. In such cases when it is not included in your package, you can simply buy them separately.
Property Insurance is important because it covers the structures that have been described in the policy. Most of theses policies include coverage for fixtures, machinery and equipment owned by the building owner, attached to a described building and permanently installed. If you must have coverage for similar items but not permanently installed, they can be added by endorsement. Coverage may also extend to outdoor fixtures and include property, like lawnmowers and snow blowers, when they are used to work on the premises.
There are many types of coverage that can be added to your basic property insurance, among them:
- Ordinance or Law: If a building is damaged by a covered cause of loss, this insurance pays for costs caused by the enforcement of any ordinance or law requiring demolition of the undamaged portion or for the increased cost of construction to rebuild with mandated construction materials.
- Debris Removal: This coverage increases the basic limit of insurance (often $5,000) to cover the cost for debris removal necessitated by loss to a covered property.
- Outdoor Trees, Shrubs, Plants: This covers the cost to replace landscaping plants lost as the result of a covered cause of loss.
- Glass Breakage: This insurance covers the cost to replace plate and other glass, including cost of supporting bars or frames and cost of lettering and ornamentation.
- Signs Coverage: This coverage insures electrical signs against many accidental causes of loss.
- Boiler and Machinery Insurance: This coverage pays for loss or damage resulting from accidents to pressure and refrigeration equipment, including boilers, air conditioning and refrigerating equipment; mechanical objects; electrical objects; and turbine objects.
When you are selling real estate, one coverage that must be on your top-of-mind is the Errors and Omissions Insurance, which protects you if there is a lawsuit for something that may have caused the claimant bodily or personal injury. Liability Insurance provides for your legal defense and pays any damages for which you are liable, up to the policy limit.
Two other types of insurance you must keep an eye on are Business Vehicle Insurance, and Workers Compensation Insurance. If you have more questions, please call us, one of our local experienced agents will gladly assist you.
At Garzor Insurance we care about your business.
Our experienced professionals are dedicated to
providing commercial and personal insurance options in Florida as well as Texas, and now many other states across the U.S. If you also have questions about truck or other commercial vehicles insurance, or any other business insurance aspects, please do not hesitate to visit us online at Garzor Insurance, or you may want to call us directly at (321) 206-8035.