Commercial property insurance is something that can help protect your new business in Florida.
However, it looks like it is about to get a little more expensive. Insurance rates are expected to increase by up to 50% in the Sunshine State for 2023.
Are you looking for better protection for your commercial property? Here is everything you need to know about commercial property insurance in Florida.
What This Covers
The first thing that you need to understand is what your commercial property insurance policy covers. While the exact coverage depends on your specific policy, you can have a general idea of what to expect.
Things such as the business building itself, the construction of this building, your inventory, plus things such as fires and theft would all be covered in most insurance policies. This allows you to have some protection in case something does happen to your building.
Let's say your building suffers unexpected damage during the construction process. With a typical commercial property insurance policy, you can receive compensation for the damages.
There is also the event that your building suffers a fire or has someone break in and steal all of your inventory. If you file an insurance claim, you should expect monetary coverage for these circumstances.
Go Over Your Policy
Something that you are going to want to do is go over your policy carefully. That is because depending on how it is formatted, you may only be covered for certain circumstances.
There are generally two different types of policies here. These are a named perils policy and an open perils policy. The biggest difference is that the former only covers specific events while the latter has broader coverage.
Let's say that you have wind damage from a hurricane to your building. That could be something that is covered with your open perils policy but if wind damage is not listed in a named perils policy, you will have to pay for that damage yourself.
Consider the Weather
In Florida, you have to keep in mind that this state is very vulnerable to hurricanes. This is one of the biggest reasons why you may see 50% increases in insurance rates in this state.
Last year, there were eight hurricanes in this region and 14 total storms. You may want to make sure that you have a separate policy for something such as flood damage from hurricanes like these.
Get Commercial Property Insurance
These are three of the biggest things that you need to know about commercial property insurance.
You will want to read this policy carefully and know what type of perils you have covered. Also, get an idea of what a general property insurance policy covers as well as consider the weather in Florida for any additional coverage.
Do you need help with any commercial properties in Melbourne? If you answered yes to this question, message us here to get started.
