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New Smyrna Beach Business Property Insurance
Business Property Insurance has inclusions and exclusions. For example, most Property Insurance pays when what the business owns is damaged by common problems like fire, theft, or windstorms. Common exclusions are floods and hurricane. Theft can be added but you must have a monitored burglar alarm. Monitored fire alarm and fire sprinklers can keep the premium costs down. Exclusions may be available as optional coverage's. IT security and data breach are always a separate insurance policy and are not covered with normal commercial property insurance.
How much to cover? Business Property - you have to make that determination of this value - office furniture, inventory, raw materials, value of other people’s property.
Building Coverage Valuations :
Replacement Cost (RC) - estimated cost to rebuild building - obtain an insurable value appraisal to be certain. These valuations have a co-insurance penalty and you must be at certain levels to maintain this coverage.
Agreed Value - exactly what is says, you agree to cover a limit and that limit is the maximum that could be paid out, it is completely different form RC.
Actual Cash Value - this is the depreciated value of the building, a more complex valuation especially as the building ages.