Louisiana Commercial Property Insurance
At FM Agency Group we give real estate investors the protection they need for the value they want.
Apartment buildings, Office Buildings, Lessor Risk Strip Mall and Strip Centers
Values from 100,000 to 10,000,000
The Basics of Property Insurance
You want to protect the your building from loss not for the market value of the property but the replacement cost
Market values have land value included
Insurance value does not
If a building burns down you still own the land and can rebuild so you only want to get insurance on the cost of you to hire a building contractor to rebuild the building minus the land value
Almost always that amount exceeds what you paid for the building or what you owe on a mortgage
the cost to rebuild or repair structures will almost always exceed the original construction costs due to the higher cost of labor and materials as well as changes in building code requirements
Types of Coverage
Replacement Cost-the cost of you to rebuild the property using like kind materials
Actual Cash Value-the replacement cost minus depreciation (older the construction materials the less you get)
Contact FM Agency Group today 504.348.3131 for your business property insurance
Are You Buying Enough Commercial Property Insurance?
Most building owners try to lower the insured value to save money on insurance
Insurance companies will penalize you if you try to do this
Its called the Coinsurance Penalty
An example is the insurance company will reduce your claim check to the % amount you went below the replacement cost
If the insurance company states replacement cost is 400,000 and you only want 200,000 because that is all you owe on the property you now are at 50% of the replacement cost
If there is a claim the insurance company will deduct 50% off of the claim check after you deductible
Small claims can turn into major financial losses
Check your policy to make sure you are not in danger of the Coinsurance Penalty
FM Agency Group understands that determining your business’s value is critical, so we’re here to help. Contact us today at 504.348.3131 to learn more about our property insurance and to protect your business.
Saving Money on Commercial Property Insurance Starts Here
If you need to insure your Commercial Property Insurance such as Apartments, Office Buildings, Lessors Risk Buildings, Strip Malls or Strip Center call us at FM Agency Group.
Our team is your Apartment Insurance, Office Insurance, Building Insurance and commercial property insurance advisors.
We can save you money and time insuring your commercial properties.
Don’t delay, contact us today at 504.348.3131, or fill out the form on this page to start your quote