Insuring Investment Property
Properly insuring investment property will make a difference at the time of a claim. The type of property you choose to invest in will dictate the type of insurance you should purchase. Unlike your homeowner’s policy that comes with lots of extra coverages bundled into it, you must choose the coverages you want when purchasing a commercial policy. Your policy should be customized to reflect the coverages you need. One size does not fit all.
Commercial Package Policies
Standard types of Commercial Package Policies (CPP) are known as Basic, Broad and Special Form. Basic, being the least costly, has minimal coverage and is not usually recommended. However, this is often used for older buildings that have old utilities and do not qualify for better coverage. The Broad form contains better coverage but is also limited. The Special Form provides the best coverage. However, it is still necessary to know wh…