Updated almost 2 years ago on . Most recent reply
Insurance Broker for Older Retail Center
Hello!
We're in contract to purchase a 20k sf retail center in Phoenix, built in 1976. It has 17 tenants, average 1,000 SF units. LL did major renovations - roof, some electrical, HVAC, store fronts, parking lot. The building is not sprinklered.
We cannot get property insurance! Our insurance broker has been declined by ALL carriers b/c of either the pub or the age of the building. Everyone is citing a reduced appetite for properties over 30 years old. They all say it's a big issue as well that the building is not sprinklered.
Does anyone have a referral for an insurance broker that specializes in finding standard carriers to insure this property type?
Thank you!
Kim
Most Popular Reply
#2 Insurance Contributor
- Insurance Agent
- Nationwide
@Kim Hopkins Unfortunately that is the state of the market, but there are still options out there.
To efficiently find alternative quotes, have your broker give you a complete list of carriers they approached. You can give that list to other agents and ask if they have any insurance carrier not on that list who they can try.
As an example, we have 15 or so carriers interested in these buildings, but your broker probably only approached 5-10 of them.
The last thing you want to do is have 5 agents submitting your business to the same underwriters. Agents and underwriters get frustrated and give up on the account.