Month: September 2022

Commercial Real Estate Insurance and Natural Disasters

Posted on by Michael Singh

While some may follow a pattern or stay within a season (hurricane season for example), most natural disasters come without warning and can cause many issues and much destruction, especially if you own real estate or serve as a landlord. We hope that if you own property, you have the necessary precautions set in place in the event of a natural disaster, but since these occurrences have become more common over the recent years, it may be time to look at your commercial real estate insurance.

If you are renting out your property to tenants, you should ensure that you and the tenants both have the proper insurance policies. To solidify this, you can add it as a requirement in your tenant’s lease. You can even have the insurance that your tenants take out extended to you, by requiring them to add you as an “additional insured” or “interested party” on the policy. While you may be most concerned with the physical structure of the property, you must also take into consideration the valuables that your tenants have stored within the property that could take damage too. For example, if you’re renting out an office space that contains thousands of dollars of technology or machinery, you have to make sure that is covered as well due to the fact that the items are being held in the property you own.

It’s also crucial to ensure that any policy you have for your property also covers fire incidents. A study from 2015 found that an alarming 10% of business owners filed a fire damage claim in the past several years. While that may not seem like a big number to you, these damages cost an average of $35,000 a piece. That amount can be the difference between repairs and shutting down a business. If your tenants are forced to close their small business, you may be out of a renter, and therefore, losing money.

Keep all documentation of your tenant’s insurance policies. Also ensure that the proper policies are put in place to ensure that the property and what lies within are protected in the event of a natural disaster. For example, if you live in an area that has frequent tornadoes during hurricane season, have a plan set up in advance for the event of a tornado.

Along with the policies and documentation, conduct a walkthrough through your properties. Write down or take pictures of everything, all of your assets, so in the event of a natural disaster, you know what to claim. Once you have this information, upload it somewhere safe and secure.

While natural disasters may be inevitable, this does not mean all hope is lost. By having the proper commercial real estate insurance and policies set into place, you can ensure that no matter what may happen, you and your finances will be protected. Contact Singh Insurance and Financial Services today for more information about commercial real estate!

Four Benefits of Umbrella Insurance

Posted on by admin

Yes, you may argue that you have liability insurance, so you don’t need umbrella insurance. But what if you experience significant disasters like legal suits or when you crash into someone’s vehicle? For your information, your other liability policies, like home and auto, only stretch to a specific limit. That’s why you need umbrella insurance to step in in case of expensive liability claims requiring higher liability insurance. With that in mind, let’s explore the benefits of buying umbrella insurance from Singh Insurance and Financial Services LLC.

  • Assets protection: If you have assets you need to protect from expensive liability claims, umbrella insurance is the way to go. Examples of costly liability claims are lawsuits that could result in thousands of dollars. Your other liability insurance will only pay up to a covered limit, and you will be required to pay the rest. Luckily, with umbrella insurance, you rest assured the policy will step in.
  • Offers additional coverages: Umbrella insurance will not only step in when your other liability plans deplete but offers additional coverage that is not included in your other policies. Some of the additional coverages umbrella insurance provides include libel, defamation, slander, and wrongful arrest.
  • Offers peace of mind: You won’t have to worry about your assets being taken away after a significant catastrophe with umbrella insurance. At least from a financial perspective, you can deal with any uncertainty that may come your way.
  • It’s affordable: Umbrella insurance premiums are surprisingly super-affordable. The fact that the policy kicks in when your other liability depletes makes the insurance affordable.

Umbrella insurance in Clermont, FL

Don’t subject your life to too much worry in the event of significant liability claims. Protect your assets by buying umbrella insurance from Singh Insurance and Financial Services LLC in Clermont, FL. Contact us today for an affordable quote. 

We look forward to helping you find protection for your assets.