It is always a contest of give and take when it comes to landlord insurance, especially as it pertains to the type of policy and the premiums applied to it. Both tenant and landlord want to make sure they are paying a minimum in expenses, and that what expenses they are paying rightfully benefit each party.
Seasoned BPO real estate companies know that an average lease requires a landlord to provide general liability coverage; this covers bodily injury and property damage claims that occur in the common areas of a shopping or office center. In addition, an average lease also includes a special cause of loss policy form. Previously called “all risk”, cause of loss covers damage to the building by a covered cause of loss such as fire, wind damage, or vandalism, to name a few.
In order to secure the fairest deal with a landlord—and save money—it is imperative for BPO real to continually update records and stay on top of lease agreement and insurance policies. Eximius BPO specialists can help!
Support specialists from BPO real estate companies can help tenants verify that real estate insurance costs and the accompanying lease premiumsare in order. Through careful examination of the insurance declaration page and the schedule of premiums, areas of significant costs saving can often be identified. Regular review of the schedule of premiums is key—examination of the specific insurance cost and insured amounts associated with each property. In addition, careful review of the language in a lease insurance declaration page will determine if a landlord is giving other tenants different premium rates under a blanket policy.
There’s still more. BPO real estate companies are often able to identify additional coverages and charges that are missing in a lease but should be added to the agreement. This can result in improved coverage and/or possible reimbursement of tenant premiums.
A careful review of insurance policies and premiums by Eximius BPO specialists may ultimately reveal an area within a real estate lease that can result in reduced operating costs.
Contact the experts at Eximius BPO today, and learn more about benefits of using BPO real estate companies to help navigate insurance policies and premiums