I need insurance for a commercial property in Tampa

[Ryan S.]

Hi everyone,

I own a commercial property (in an LLC along with one partner) in Tampa, FL and am looking for a new insurance provider. My current policy is set to renew/expire in December.

The tenant has their own insurance policy (we're a named insured on their policy) as we do have a NNN lease with them. Our current policy is likely a bit of overkill as a result. Along with some new quotes, I'd like advice on what we can do away with to get our policy cost down without putting my partner or myself at personal risk.

Here's some info on the property:

- Purchased in December, 2021

- Single Tenant NNN Lease

- Current liability coverage is $2mm (capped at $1mm per incident) with a $10,000 deductible that also covers myself and my business partner

- Property coverage is $5mm with a $25,000 deductible

- Our policy shows that we have replacement cost coverage on the building, although the stated amount is $1.39mm. We have the same $2mm/$1mm per occurrence liability coverage as on the tenant's, so I'm guessing that's more than we need.

Please let me know if you can help.