A common misconception regarding the purchase of real estate insurance New York is that the more expensive a policy is, the better is will function. While the price of a policy is likely to correlate to the extent of coverage available this does not mean that a more expensive policy is necessarily better. The real key to making any type of insurance policy worthwhile lies in selecting the lines of coverage that are going to protect you the most.
Review coverage limits on a regular basis
The coverage limits outlined in the policy options you purchased three, five, or ten years ago are probably not going to be sufficient to your business as it currently stands. Property managers, real estate developers, and other real estate insurance New York customers must often deal with rapidly changing conditions while on the job; you might be surprised at the gulf between what your current policy can cover and the coverage that you currently require.
Prepare for the worst
There are certain lines of coverage that exist to help people and businesses prepare for the worst. These include:
- Storm, fire, flood, and earthquake damage
- Disaster recovery
- Cyber liability
- Building ordinance (also called building replacement)
Opting for these lines of coverage gives you more comprehensive protection. With this coverage you have a greater chance of emerging from disastrous circumstances intact and able to move forward. Though extending your existing policy to include these lines of coverage might cost a little more, you will be spending your money on a product that will protect you when you need it most.