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Updated about 1 year ago,
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