What To Ask Your Agent About Property Insurance

8/27/2018 (Permalink)

Damage fire in the kitchen at a Riverton, UT home

When you are purchasing commercial insurance for your property in Riverton, UT, you want to make sure your building has as much protection as you can get. It is also important to understand the details of your policies. Property insurance, for example, usually covers most natural disasters, but it doesn't often cover floods. Here are some questions to ask your insurance agent about property insurance.

What Factors Influence the Cost?

Before you sign on the dotted line, it's good to know what you're getting into. There are several factors that affect your property insurance premiums:

• Construction materials
• Installation of anti-theft and/or a fire sprinkler system
• Intended use
• Fire protection of the city where it's located

The more precautions you have taken to resist fire, such as fire-resistant building materials or a fire suppression system, the less expensive your property expenses are likely to be.

What Is Covered?

Most fire damage is covered by the property policy in your commercial insurance package. The policy also covers damages caused by many extreme weather, such as high winds, hail, snow drifts or lightning. The policy is likely to pay for mitigation and restoration services as well as temporary relocation, if necessary. It even includes some liability protection in the event that a person other than the property owner or tenant is injured and sues for damages.

What Isn't Covered?

If property owners are injured on their own property, their medical bills are not covered since the property is primarily their responsibility. Most property policies do not cover earthquakes or floods, particularly if the building is located in an area known for those phenomena. You will need to buy separate policies for those.

Your commercial insurance package is designed to protect you from as many financial woes as possible. Your property policy can protect the building, the items within it or maybe even both.