Types of Commercial Property Insurance in Texas
Texas Auto Home Insurance multi-specializes in all three forms of commercial property insurance in Texas. It is important to understand what these basic forms of coverage are in order to make the most economical and practical level of investment and it is important to work with an agency like Texas Auto Home Insurance that can evaluate the business owner's exposure and assign available policy options to the specific parameters and needs of your business.
The following details a few basic points regarding the three main types of coverage and what those coverages specifically offer property owners and landlords.
1. Basic
Basic commercial property insurance in Texas tends to be the most cost effective due to its elementary nature. It insures against common risks such as fire, lightning, wind storms, and damage to property from vehicle collisions and some other named perils.
Basic coverage has its advantages and disadvantages. It is obviously less expensive due to the limitations on indemnity. Typically the policy limits are also lower, so the premiums are lower as well.
For a new property investor on a tight budget, starting out with basic commercial property insurance will at the very least provide a reasonable amount of protection against damages.
For owners with greater asset exposure and more sophisticated structures, Broad Form Insurance is generally recommended.
2. Broad Form
At its foundation, Broad Form Insurance for Texas commercial property acts much the same way as basic insurance. Like a building, however, there is much more to the policy than the foundation.
In addition to perils of weather and structural impact damage, broad form coverage protects against less common—but often exorbitantly costly—calamities like water damage, damage from sprinklers, building collapse, and losses caused by ice, sleet, or weight of snow.
Texas Auto Home Insurance also provides broad coverage commercial insurance for the landlord’s HVAC equipment. This insures the property on both a structural and operational level.
Texas Auto Home Insurance will extend broad coverage to exterior signage and glass. Less extensive policies may leave building owners exposed to loss of building security and advertisement during a major windstorm or other catastrophe causing damage to signage and glass.
3. Special Form
Of all the forms of commercial property insurance in Texas, special form coverage gives you the maximum amount of protection from common perils, unexpected calamities, and specified items of concern.
For example, a new acquisition of adjacent property may require immediate coverage. Texas Auto Home Insurance can provide this coverage immediately and at minimal cost at the time of purchase.
Loss of income can also be insured against under Texas commercial property special form insurance. If the property is under repair and unoccupied due to a claim, many expenses can be recovered for a period of up to 12 consecutive months.
Also, when buildings undergo reconstruction, building laws may change and require the property owner to update or rebuild to meet compliance. Our coverage for this peril includes most necessary demolition costs as well.
Other, additional coverages are too extensive to describe in length, but they are essential to protect the highly diversified Texas Landlord. A few examples include, but are not limited to:
- Robbery and safe burglary, property other than money is a more limited form of coverage that does not include money or securities.
- Forgery or alteration protects your business against forgery or alteration of checks, drafts, promissory notes, or other directions to pay.
- Theft, disappearance, and destruction coverage insures money, securities, and other property against losses, both on your premises or in the custody of an employee or messenger while off premises.
- Loss of glass and money due to theft pays for damage to glass and any loss of money resulting from a break-in.
While commercial property insurance in Texas may appear complex and even overwhelming Texas Auto Home Insurance will help explain all coverage options simply and help you determine which options are best for you.
Texas Auto Home Insurance has 30 years of insurance experience in underwriting and claims and is well versed in the complexities of commercial property insurance that Texas investors often face. Texas Auto Home Insurance has offered services to Dallas, Fort Worth, Austin, San Antonio, Houston, and all counties and rural areas of our great state.
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1-866-663-5262 for a free quote right now, or use our simple online form. Your information will be kept strictly confidential at all times.
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