Understanding Personal Property Coverage
If you have any real estate business, you need strong coverage to protect your investments. One of the easily-overlooked parts of insurance for real estate companies in New York has to do with personal property. Many real estate businesses invest heavily in personal property, such as furnishings, equipment and materials. In the event of a theft, fire or another covered event, you need to ensure your personal property is correctly protected.
What Is Business Personal Property Insurance Coverage in New York?
Personal property coverage on your commercial business insurance policy covers you for the loss of furniture and other property. If theft, vandalism, fire or another covered event damages your investment property or other business property, this coverage can pay for the replacement or repairs of personal property.
Commercial business personal property insurance in New York is necessary because the value of personal property can be underestimated. If you rent condos, for example, you may have outfitted them with quality linens, couches, appliances, art and more. In the event of theft or damages, replacing these items can lead to a significant cost.
Another consideration is that property is changeable in the real estate business. You may purchase a general commercial property policy and then renovate your investment properties, meaning thousands of dollars in equipment and materials remain on the property for some time.
If you are targeted or a tragedy such as a fire occurs, you want to be sure you are covered not just for the building itself, but also for everything inside it. In some cases, the value of what's inside the property can match or even exceed the costs of the building itself.
Buying Commercial Personal Property Insurance in New York
If you are interested in real estate business insurance in New York, it can be a challenge to evaluate how much personal property in your business may be worth and how much it changes or may change in upcoming months or years.
With this type of insurance, you can benefit from professional advice. Contact Kokkoris Insurance Services for a free quote and consultation to speak to one of our team members. For more than 25 years, Kokkoris Insurance Services has been working with New York real estate businesses, restaurants, contractors, hotels and other companies. Our goal in each case is to help our clients find the right fit between robust coverage and affordable premiums, and our team works hard to make that happen.
What Are the Benefits to You?
Real estate owners’ insurance is essential in New York in part because leverage is so significant in real estate business. Without proper insurance, you may find your property mortgage underwater with few resources to rectify the situation. The right coverage allows you to rebuild when the worst happens and enables you to have peace of mind, so you can focus on your properties.
Contact Kokkoris Insurance Services to learn more and to get a quote. Our team is standing by to help.
We Want to Work With You
Get in touch with our team right away by phone or email so that we can start on finding you the right insurance solutions!