Real Insurance
Insurance and Commercial Real Estate
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real property insurance
Even though the market for residential real estate has begun to cool, commercial real estate investment opportunities abound. There are other risks in commercial real estate that you can mitigate through third party insurance policies. The most common form is title insurance. Most real estate professionals recommend that buyers obtain title insurance on any property they purchase and if a loan is involved, the lender will make it a condition of obtaining the loan. This extra insurance will help protect the buyer in the event of any undiscovered liens, disputes over property lines, or other matters affecting title.
Another common, but important form of insurance for investment property is liability insurance. Hazard insurance provides protection in the event of damage from fire, accidents, theft, and vandalism. Environmental insurance is a new form of risk management that is gaining in popularity with lenders. Instead of performing Phase 1 and Phase 2 environmental studies, more lenders are opting for insurance against this type of loss. For instance, those properties located in or near flood zones may wish to purchase flood insurance, while those in earthquake prone regions may want to consider the purchase of additional earthquake insurance. From there, with the help of an experienced commercial hazard insurance broker, you can then purchase the right mix of insurance needed to adequately address and mitigate those risks.
Writer : Craig Higdon
You may want to check out my other guide on small business insurance,
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