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What Is “Enough” Building Owners Insurance, and How Do I Know If I Have It?

If you’re an owner of any kind of building, you want peace of mind. If something unpredictable and awful happens to your building, you want to know that you won’t be ruined.

That’s where Building Owners Insurance comes in, and Bethany Insurance is here to help you understand the ins and outs. 

You also probably want to know what kind of Building Owners Insurance to get and how much you should get. It may also be a mystery to you when you actually have the insurance you need. How do you know?

What is Building Owners Insurance? 

Building Owners Insurance protects you from all the unforeseen events that can occur as a building owner. It usually protects you from damages caused by anything from a fire, a break-in, vandalism, and building damage from natural disasters.

Building Owners Insurance typically protects others’ property as well as your

  • Building
  • Outdoor signage
  • Furniture and equipment
  • Inventory
  • Fence and landscaping

What Specific Coverages Does Bethany Insurance Provide? 

There are more specific coverages that Bethany Insurance offers that any building owner should be aware of. Here are some with specific details on what is covered:

  • Business Owners’ Policy: Property, Commercialized General Liability, Crime Insurance
  • Professional Liability: Protection from claims of negligence
  • Workers’ Compensation: Protection for workers’ injuries in your building
  • General Liability: Protection against libel, slander, property damage, and other charges
  • Lessors’ Risk: Protection against fire, vandalism, and water damage

Bethany Insurance also offers building risk insurance, which protects you during the construction or renovation of your building (course coverage). Coverage includes:

  • Materials
  • Fixtures
  • Equipment (awaiting installation or after installation)
  • Structure
  • Valuable papers
  • Architect/engineer costs
  • Debris removal

No matter what you need, Bethany Insurance has a policy for your building owner needs.

What Is “Enough” When It Comes to Building Insurance?

How do you know when enough is enough? How do you know when you have enough building insurance? 

For building owners, it’s probably good to buy enough insurance to replace the building. In other words, how much would it cost to rebuild your home if it was completely destroyed? If it’s $350,000, then buy $350,000 worth of building insurance. 

But then you might think that your budget is not where it needs to be to cover the full value of your building. In that case, you can save some money by lowering your monthly premiums and raising your deductible, all the while covering your building at its full value. 

One rule of thumb is to “multiply the total square footage of your home [or building] by local, per-square-foot building costs.” 

For example, if you have an apartment building with 2000 square feet and the price per square foot for the building costs is $85, you should probably buy $170,000 worth of building insurance. 

What Should You Do Now? Where Do You Start? 

At this point, it should be clear what Building Owners Insurance is, how much to get, and how you know when you have enough. Don’t waste any more time… get your building protected.

Contact Bethany Insurance today to find out more!