Commercial Property Quote — building, contents, business income

Frequently Asked Questions

• What's replacement cost vs actual cash value?
  Replacement cost can settle covered damage without deducting depreciation, subject to the policy’s limits and conditions; it commonly requires repair or replacement. Actual cash value generally reflects depreciation, so the payment may be lower. Ask which valuation applies to the building, contents, and any tenant improvements—and whether the stated limit and coinsurance requirement are adequate.
• Do I need ordinance & law?
  Consider ordinance-or-law coverage if a covered loss could trigger demolition of an undamaged portion or upgrades to meet current code. Review the building’s age, construction, local code requirements, and the endorsement’s separate limits for undamaged portions, demolition, and increased construction cost. It is usually optional rather than built into standard property coverage.
• Is wind included in Florida?
  Florida commercial property policies may include wind, apply a separate wind deductible, limit it, or require a separate wind policy. Ask to see the proposed form, wind deductible, territory terms, and exclusions. Separate wind coverage is not automatic; availability and eligibility depend on the property and insurer underwriting.