Investor · Derby, CT · Member since 2015 · 11 posts · 2 votes
I'm shopping around for property insurance on a 2600 sf commercial building. I have it under contract at $110k but every insurance provider I've called is making me insure the building to $400k+ (because that is their estimated rebuild value). I only want to insure the property to $200k -- any higher seems like unnecessary over-insuring to me. I want to avoid wasting extra money on premiums if I don't have to.
Does anyone know of any insurance carriers that let you select the rebuild-value that you want to insure to?
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
9y
@Account Closed I have several companies that do this.
You want to get an Agreed Value policy where it will pay up to the limit. You will most likely need to sign off stating you understand you are underinsuimg it.