Commercial Buildings

The Florida Insurance Market is constantly changing and Commercial Building owners need to keep abreast of the changes, as they occur.

Property Insurance rates have been increasing Year after Year and they are now seemingly stabilizing, even though not much for buildings with roof coverings older than 15 years.

Distance to coast is also a factor.

On the positive side, we are seeing competitive pricing including Windstorm for newer and better construction (Metal or Concrete Roofs.

As well as, a broader range of Companies willing to offer Wind Coverage, where in the past few years, CITIZENS would be the best premium available option.

In its quest to reduce exposure, CITIZENS has been during the past few years, tightening up their underwriting guidelines, declining to offer coverage to a large number of property owners with older Roof buildings or quoting very high premiums for those with Wood Roofs.

There is also a CITIZENS limitation on the Building Limit they can offer Commercial Properties, like Commercial Buildings, which becomes a problem for properties with Mortgages requesting Replacement Cost Values.

Liability Insurance, which was usually and easy coverage to place has now become a challenge, as Insurance Companies keep limiting coverages with Exclusions for Firearms, Weapons and Assault & Battery due to the large number of lawsuits and crime scores for the zip code where the properties are located.

There are now policies being sold that reduce the coverage limit to $100K, if Tenants do not carry Liability Insurance.

Thus, the recommendation that a system be established to make sure Certificates of Liability Insurance are obtained from all Tenants and that they list the Commercial Building Owner as Additional Insured, to insure you receive Notice from their Insurance company prior to a policy cancellation.

Part of our Service is the commitment to look out for our clients and make sure there is coverage when a claim occurs and/or guide you on what steps to take to have the best possible protection.