Property Insurance?

by Fire Places on June 3, 2010

We are purchasing a property, and have to get insurance for it.

what are some of the things an adjuster would look at?

wiring? fire hazards, leaks?

what exactly and in particular are they going to check and if need make us fix before insuring us.

this is a motorcycle shop/fireplaces/antique shop/apartment.

Thanks!

{ 2 comments… read them below or add one }

ernesto_tig June 3, 2010 at 8:09 pm: Two things will stick out to the insurance companies: age and usage.

Age (20+ years old) will trigger inspections for:

Electric – modern three strand wiring with circuit breakers all up to code
Smoke & security alarms and other safety features inspected and up to code
Updated plumbing
Updated HVAC
Updated Roof
General good repair of entire building, surrounding area and sidewalks
Sprinklers ? This would be a plus.
Show that these issues have been addressed and an insurer will more likely think of the building as a functional rehab, not a piece of history.

Any building older than 40 years will have the above issues PLUS you’ll have to discuss actual cash value or functional replacement vs replacement cost on the policy.

Usage is another onion to peel. Mixed usage is considered high risk, mixed commercial & residential is considered high risk. Actually ALL the usages you listed are special coverages. Finding an insurer who’ll cover them all is going to be a challenge. I hope you have a good relationship with a local independent agent. Good luck
Gambit June 3, 2010 at 8:09 pm: Wow, a building that has a motorcycle repair shop located next to a shop that sells fireplaces that is located next to an antique shop that has apartments above! I think we just found your biggest problem, which is occupancy.