Indiana Office Building Insurance | 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.