Commercial Property Insurance | Pathway Insurance

Office Building Insurance Chicago

WIN Admin — Thu, 11 Jan 2018 00:46:03 +0000

Office Building Insurance Chicago — Low Rates for Small & Large Buildings.

As you are looking for Office Building Insurance in Chicago Illinois or the surrounding areas you should definitely contact the agents of Pathway Insurance by dialing 1-800-998-0662 Monday through Friday up until 5:00 PM CST.

Pathway Insurance offers Commercial Office Building Insurance in Chicago and across the US via our network of leading insurance underwriters specializing in Commercial Property Insurance for Office Buildings, Retail Shopping Centers, Apartment Buildings, Warehouses, Condo Associations and any type of retail or wholesale commercial buildings, including Commercial Insurance for Vacant Buildings.

You can additionally use our Chat System which is ordinarily manned by licensed agents 7 days per week up until 5 PM. Or, if the chat system is offline, click “send us a message” and one of our agents will get back to you soon.

If it is more to your liking, feel free to use our quote request system to start the process by clicking on a link closest to your area:

Office Building Insurance Chicago — The Perils of Not Buying The Right Amount of Insurance.

If you are old enough you may remember the TV series Lost in Space. The robot, a constant companion of Will Robinson, would frequently warn the young explorer by shouting: “Danger, Will Robinson! Danger, Will Robinson!” as he inevitably found himself in perilous situations in each episode.

As the person in charge of purchasing Commercial Office Building Insurance, we would like to share the perils or dangers of purchasing the right insurance – in particular the right amount of insurance – for your buildings to avoid something called the coinsurance penalty.

The coinsurance penalty can be a very BIG deal, especially if the claim amount is sufficiently large and your coinsurance percentage is likewise sizable.

Understanding the insurance coinsurance is an important step to mitigating your financial exposures.

As you may recall, we shared with you a fictitious character named Dan the Man, a real estate investor who had a general disdain for insurance.

His lack of belief in insurance would his undoing.

Office Building Insurance Chicago — A Necessary Evil Even If You Don’t Like It.

Let’s face the facts: no one likes to pay insurance premiums, especially if you have never had a chance to use your insurance despite perhaps years of paying premiums.

But what if you had to use your insurance? What if your entire office building burned down right to the ground? Would you survive financially if that happened and you did not have a sufficient amount of insurance?

This is why insurance is important: paying for the unknown. Insurance is a necessary evil, even if you don’t particularly believe in it.

Don’t allow bad past experiences to cloud your thinking when it comes to insurance as was true of our fictitious real estate investor named Dan the Man.

Dan was hurt very badly financially, as we will see in a future article, when he assumed the worst about all insurance companies and did not purchase the correct amount of insurance on an office building complex he would invest in down the road.

Office Building Insurance Chicago — The Accident.

As we considered in our last post, Dan the Man was raised by a single Mom named Gwen and they were very poor. Despite this challenging background Dan became a successful real estate investor.

Dan did not much care for insurance or insurance companies in general because of a bad experience he had with an insurance company as a young man.

Here’s what happened:

Dan was rear-ended on a Saturday afternoon by a man named Jerry who was distracted and did not see Dan stop for a red-light until it was too late. Jerry hit Dan’s Honda Civic going about 15 miles per hour in his truck.

Jerry’s truck won that battle as the Civic was demolished. Dan was not injured in any way but his Civic was toast.

Jerry had been fiddling with his radio and talking to his girlfriend on his cell phone at the same time before distracted driving was such a big thing in the news.

Jerry apologized for the accident, readily admitting fault as the police showed up to write up a ticket to Jerry for failure to control. Jerry provided his insurance information to Dan and assured him he would be taken care of by his insurance company.

Office Building Insurance Chicago — Why Dan’s Past Experience Influenced His Future Decisions.

Jerry was insured by an insurance company that advertised on TV and the claims adjuster assigned to Dan’s claim was Riff Raff Ralph.

Riff Raff was paid bonuses by his employer to minimize claims payouts (this practice has now been prohibited). Riff Raff wasn’t making much of an effort to help Dan for two reasons:

Dan was a young guy with no money (to hire a lawyer)
Riff Raff’s customer, Jerry, was proving hard to get a hold of to get his statement.

So the bottom line was that Jerry’s insurance company decided to play hardball with Dan.

They refused to pay because their policyholder, Jerry, would not provide a statement as he was nowhere to be found after the accident. Riff Raff told Dan they couldn’t pay his $2,100 property damage claim – caused by Jerry – despite his being insured, because they could not take a statement from Jerry to get his side of the accident story. Thus, they could not pay his property damage claim (despite the police report showing who was at fault: the other driver and not Dan).

In our next post we will learn more about Dan’s experience with this insurance company to see how it influenced his later year decisions about insurance.

Get Great Deals on Office Building Insurance Chicago — Call Pathway Right Now!

No matter if you own a small or large office building you can find a great deal on a new program for Office Building Insurance in Chicago Illinois and the surrounding areas.

Call to speak with one of our agents by calling (800)-998-0662 up until 5:00 PM CST Monday through Friday or use our online chat system that is available seven days per week.

There is one final way to request quotes and that is by clicking on one of the links below. Please choose a link closest to your area:

The post Office Building Insurance Chicago first appeared on Pathway Insurance.

Office Building Insurance Illinois

WIN Admin — Thu, 11 Jan 2018 00:34:28 +0000

Office Building Insurance Illinois — Super Low Rates Now Available!

Do you need better pricing or coverage options for Office Building Insurance in Illinois? Did you get canceled because of too many claims? Is your office building vacant and you can’t find insurance? Are you a lender and need forced placed insurance?

If you answered yes to any of the questions above, Pathway Insurance is your solution. You will find our commercial insurance team is far more responsive, knowledgeable, and professionally courteous when compared to many of our competitors.

You can reach us one of three ways:

Call us right now by dialing 1-800-998-0662 to speak with one of our licensed agents Monday – Friday until 5 PM CST.

Use our online chat system to talk to agents 7 days per week based on availability.

Send us a quote request 24 hours per day by using any of the links you see listed below based on your regional location:

Office Building Insurance Illinois —Facts to Keep in Mind

It is quite simple to make a mistake when purchasing Office Building Insurance in Illinois. The mistake that will cost you the most is not complying with minimum purchase requirements by the insurance company.

What is a minimum purchase requirement?

It is the amount necessary to rebuild your office building.

What happens when you insure your office building for an amount lower than the replacement cost and have a physical damage claim such as Fire or Windstorm damage?

This is where financial trouble may begin. However, if a certain threshold is met financial trouble will be avoided.

Office Building Insurance Illinois — What Amount of Coverage is Necessary for Your Buildings?

At first glance that may seem to be an easy answer; insure for the Market Value of the Buildings. But, as was mentioned above, insurers call for a minimum purchase requirement on buildings they insure.

What is that amount? Naturally it depends on a number of factors, including the square footage, type of materials used in the building construction, the age of the building, architectural features, location, and other lesser details that make up the entirety of the building(s).

Because the insurance underwriters will not allow policyholders to insure buildings at any amount they desire, there are specific guidelines carriers use as a strike point. The strike point is known as a Coinsurance Factor.

A Coinsurance Factor is not some type of arbitrary number insurers pull out of thin air; it is a simple mathematical formula, easy to calculate, based on the amount of coverage purchased divided by the minimum purchase requirement the insure sets, hence, a Coinsurance Factor.

A Coinsurance Factor only comes into play when the minimum purchase requirement is not met. The Coinsurance Factor is actually a Penalty, similar to under-reporting your taxes; the Government will penalize you for not paying all taxes due and by the designated time requirement.

That Penalty can be significant.

To help our readers understand the significance of that penalty we have invented a fictitious real-estate investor named Dan the Man, as we alluded to in previous posts, that you can read by clicking the below articles:

Office Building Insurance Ohio (1^st article)
Indiana Office Building Insurance (2^nd Article)

It is important for us to recognize the decisions he made and what you can do differently to avoid the mistake that cost him a significant amount of money, He did not understand the difference between Market Value and Replacement Cost which violated the Coinsurance Provision within his policy.

But first it would be good to know a little bit about his background that influenced him to make the decisions he made with his insurance.

Office Building Insurance Illinois — In the Beginning

Dan the Man was raised by a single Mom named Gwen and they were dirt poor. Gwen seemed to always be one step away from either bankruptcy, welfare, or both at most points in Dan’s early life. However, Gwen was too proud to accept government welfare handouts so she worked one full time job and one part time job to provide for Dan and herself in their tiny two bedroom apartment.

Dan observed his Mom’s hard work ethic and thriftiness and adopted both traits as he was growing up.

At the age of 12 he was shucking newspapers in the wee hours of the morning before school, back when such a thing as a newspaper boy existed before the modern age of the internet, Facebook, and Google. He earned around three dollars a day during the week and ten dollars delivering the Sunday paper filled with advertisements (in the 1970’s, if you are wondering about the time period).

Dan saved his money, following closely the pattern of his Mom, Gwen, and he contributed to the household by paying some of the small bills. As Dan grew older, though, he advanced from a newspaper delivery boy to a dishwasher, then a pizza delivery driver, and then to college, earning a degree in business and economics and making Gwen very proud.

The foundation of hard work and thriftiness never left Dan the Man. After his degree from college he accepted a job in an accounting firm. He toiled away for three years until he decided to invest in real estate after purchasing a course he found by watching an infomercial on late night TV.

Dan absorbed the material like a sponge and put into action many of the methods to find and negotiate on properties using little to no money down. Soon Dan found himself holding a number of single family, duplexes, and apartment buildings for rent and for flip.

As a real estate investor, Dan was making more money than he ever had as an accountant working for fortune 500 companies, and better yet: he was the boss, setting his own time schedules and work hours, which was around 80 hours per week, normally.

Dan did not much care for insurance or insurance companies in general, only buying the minimum he was required to whenever he took out a loan on his rental properties. He worked with Sam Blame, an agent representing a well-known company that advertises extensively on TV.

In our next post we will learn why Dan had such disdain for insurance companies in general. Stay tuned.

Office Building Insurance Illinois — For Super Low Rates, Call Now!

If you are looking for super low rates on Office Building Insurance in Illinois, call Pathway today by dialing 800-998-0662.

We can help you find the coverage you need.

If you find our site after hours, send your request for information and quotes to us by clicking a link below based on your nearest location:

The post Office Building Insurance Illinois first appeared on Pathway Insurance.

Office Building Insurance Indiana

WIN Admin — Wed, 10 Jan 2018 23:57:16 +0000

Office Building Insurance Indiana — Super Low Rates Now Available!

If you own or manage commercial office buildings and you are looking for better deals on Office Building Insurance in Indiana then look no further than Pathway Insurance!

Call to speak with one of our specialist agents by dialing 1-800-998-0662 up until 5 PM Central Standard Time or, if you find us on the weekend, click on our chat system to see if a licensed agent is available to obtain your basic information.

One final option is available to send your request for information around the clock by clicking any of the links below based on your nearest geographic location:

Pathway insurance, as an independent insurance agency, represents a number of top-rated companies offering Office Building Insurance in Indiana, Ohio, Kentucky, Illinois, Michigan, Wisconsin, Minnesota, Missouri, Colorado, Arizona, Alaska, New Mexico, Texas, Mississippi, Alabama, Georgia, Florida, Virginia, West Virginia and the state of Maryland.

Office Building Insurance Indiana — Taking This Shortcut Will Cost You Money!

As was mentioned in a previous article that you can read by clicking on Office Building Insurance Ohio, in a series of articles we are going to examine one particular shortcut real estate investors or business owners make either intentionally or by accident when insuring their owned commercial buildings by means of a fictitious claims scenario involving Dan the Man, a real estate investor.

Dan’s mistake is an easy one to make because of the complexity of insurance requirements. The fact is, in some cases, insurance may not make a whole lot of sense to us much of the time, but when you look at the big picture you will understand why insurance companies take the position that they do in terms of the property insurance amounts insurers require you to buy to stay in compliance.

Dan’s mistake is based on a term we will discuss later called Market Value versus Replacement Cost and Coinsurance.

You will learn the difference between Market Value Coverage and Replacement Cost Coverage and how it will affect you when you have a claim, no matter if it’s a big claim or small claim on any of your real estate holdings.

We will also explain why insurance companies require policyholders to purchase certain amounts of coverage. You will also become quite familiar with a provision called coinsurance. We will break it down for you to the smallest detail so you can know without hiring a lawyer to explain it to you.

But as was true in our past article, I would like to reemphasize our previous disclaimer:

Insurance policies and endorsements may differ from company to company. The very policies that you purchase may differ because certain endorsements are included or they are missing, so you should not rely exclusively on what is written on our websites, posts, articles, or comments, as they may not apply in your case or in a different state where insurance laws likely differ.

Base your knowledge on what is covered or not covered by your actual policy by reading it thoroughly.

Indiana Office Building Insurance — How Much Should You Insure Your Building For?

That is an easy and tough question all at the same time.

Some real estate investors want to insure their properties at the market value of those properties.

Insuring your properties to what they are worth seems to make intuitive sense, doesn’t it?

However, this does not take into consideration actual cost for construction, which more than likely will be significantly different.

Also, local ordinances may have changed since your building was constructed. Building updates acceptable years ago may not be “up to code” today and older buildings are, in most instances, “grandfathered in” to prevent the building owner from incurring significant out of pocket expenses to bring everything “up to code.”

Can you imagine how expensive it would be for you as a real estate investor if you had to update your building every time a new code came out?

Because newer construction or remodeling will require you to remodel or rebuild under the new code it may be significantly more expensive. Hence, it is not typically recommended that you insure your buildings at market value these days. Still, insurance companies will allow you to do that as long as you are awarethat a coinsurance factor will come into play.

We will get into coinsurance later.

Indiana Office Building Insurance — Read All of Our Posts.

Stay tuned to our next article as we will receive some background information about Dan that helps us to understand the decisions he made. We will also discuss what you can do differently to avoid the mistake that cost him a significant amount of money because he did not understand the difference between Market Value and Replacement Cost, which violated the Coinsurance Provision within his policy.

Trust us when we say that if you follow the same steps Dan took in this fictitious claims scenario you will lose money — and a lot of it.

Learn from the mistakes of others so that you do not pay the price yourself.

Indiana Office Building Insurance — Call Us for Better Options

When you call 1-800-998-0662 as you are shopping for Indiana Office Building Insurance you can count on us to listen, understand any problems you may be facing, and to provide you solutions to meet your individual needs in most instances.

As one of the leading agents offering Commercial Building Insurance we are also available seven days per week when you use our chat system. Send us a message through our chat system when it is not active and we will get back with you soon. You can also chat with us live when our system shows an agent is available.

One final way to send us a request, even if it is 3 o’clock in the morning, is by using our online quote request system. Choose the area closest to your location, click the link, complete a few details and one of our agents will get back with you soon:

The post Office Building Insurance Indiana first appeared on Pathway Insurance.

Office Building Insurance Ohio

WIN Admin — Wed, 03 Jan 2018 19:47:37 +0000

Office Building Insurance Ohio — Super Low Rates Now Available!

If you’re looking for super low rates on Office Building Insurance in Ohio look no further than Pathway Insurance! (Program available in most states)

Call to speak with an agent right now by dialing 1-800-998-0662 during the workweek up until 6 PM Eastern Standard Time, use our online chat system seven days per week, or send us a request for quotes and information 24 hours per day by clicking any of the below links:

We insure Office Buildings, Apartment Buildings, Shopping Malls, Strip Malls, Warehouses, Hotels and Motels, Condo Associations, and much more. Call today.

Office Building Insurance Ohio —Insurance is Complicated and It’s a Good Idea to Read Your Policy Carefully!

There isn’t a single person no matter how wealthy who wants to knowingly pay more for something — including Office Building Insurance in Ohio.

Because of this reasoning we often find that real estate investors base their entire purchasing decision on what the insurance costs them — not the coverage.

However there could be a problem — a BIG one when real estate investors take shortcuts by basing their purchasing decision solely on the cost of their commercial insurance.

Insurance companies will only pay what they are legally required to pay and nothing more.

Keep this in mind. Insurance companies are no different than you — they want to make profits. Don’t conclude they’ll give you a break because of your long tenure or loyalty or because we have in the back of our minds that insurance companies equal nonprofit organizations — that could not be further from the truth.

Insurance companies want to make profits and it’s a good idea to keep in mind that they will not pay more than what the policy calls for.

Office Building Insurance Ohio — Just the Facts

When you buy insurance you must comply with the terms and conditions of the insurance policy — legalese that really means you agree to follow the terms and conditions your insurance company outlines in your policy.

This is really a fancy and confusing way of saying if you don’t follow our rules we don’t have to pay you, or if we pay you it is going to be lower than what you may want or believe you deserve.

Ah — the complexities of insurance, no matter if you believe it is intentionally designed to be confusing or not, insurance terms, conditions, and requirements must be met because the fact remains — insurance policies are legal contracts between you and the company.

In essence you as the policyholder agree to pay the premium and you also agree that you will comply or be bound by the terms and conditions of the contract — and the insurance contract spells out what they (the insurer) will do in turn for your premium payments.

So it is up to you as the policyholder to be thoroughly familiar with what it is that you’re purchasing — yet here’s the problem.

Office Building Insurance Ohio — Here’s One Problem.

Most policyholders do not take time to read their policy and hence they are clueless and might feign ignorance when a claim happens that may not be covered — in some cases shouting from the rooftops how the insurance company ripped them off or treated them unfairly when in reality they simply did not read their policy to understand what was covered or not covered or worse — they purchased the wrong coverage amount.

This is a mistake real estate investors make as well when purchasing Office Building Insurance in Ohio and throughout the country — quotes are requested and given — the customer buys the policy with the cheapest price throwing said policy in a drawer to collect dust never to be picked up again unless there’s a problem.

Because of the complexities of insurance and the fact that most policyholders have no idea what their policies cover we invent or make up coverage claim scenarios to help policyholders come to understand what may or may not be covered by their insurance policies.

Here’s our disclaimer — insurance policies and coverage endorsements differ from company to company — do not rely exclusively on what is written on our websites as it may not apply in your case or in a different state where insurance laws differ.

Base your knowledge on what is covered or not covered by your actual policy by reading it thoroughly.

In a series of articles we are going to examine one such shortcut real estate investors or business owners make either intentionally or by accident when insuring their owned commercial buildings by means of a fictitious claims scenario involving Dan the Man, a real estate investor.

Make sure to follow our articles to self-educate yourself about insurance. It could be the best decision you have ever made, especially before a claim occurs!

Office Building Insurance Ohio — Call Pathway @ 800-998-0662

When you need Office Building Insurance in Ohio, Indiana, Kentucky, Illinois, Michigan, Wisconsin, Minnesota, Missouri, Colorado, Arizona, Alaska, New Mexico, Texas, Mississippi, Alabama, Georgia, Florida, Virginia, West Virginia and the state of Maryland we can help you find what you need –call us right now!

Or chat with an agent 7 days per week or use the below links to send us a request for more information. Use the link closest to your area:

The post Office Building Insurance Ohio first appeared on Pathway Insurance.