Before You Renew Your Commercial Property Insurance
Four conversations to have about your building, contents, income, and changing operations.
Document what has changed
Gather your property schedule, occupancy information, tenant list, roof updates, improvements, equipment values, and current declarations. Explain changes in how the building is used so the review reflects the property today.
Review the valuation basis
Ask how replacement cost and actual cash value apply to your building and contents. Review limits, deductibles, coinsurance provisions, and any valuation conditions with your agent. A purchase price alone is not a reconstruction estimate.
Discuss interruptions and exclusions
Talk through the income and extra expenses at risk if covered damage interrupts operations. Review flood and coastal wind exposures separately rather than assuming they are included in the property policy.
Compare more than the premium
Compare covered causes of loss, deductibles, limits, exclusions, and endorsements before choosing a renewal option. Keep a copy of the final terms and ask about anything you do not understand.