I’m buying a 2 story building thats zoned for warehouse/storage. Its empty now and I want to rent out space for art studios, upstairs and maybe an arcade downstairs. The sale price of the building is 130,000. What type of insurance is best and aprox how much it costs? Any advice would be great.
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I am a licensed insurance agent and would be happy to help you with this. I will need a bit more information than you have provided, if you’re interested, please send me an email with your name and phone number.
It would be a real estate lessors risk policy.
Most companies dont insure vacant buildings, so youd probably have to get it once you have tenants there, or at least an agreement showing that you will be getting tenats.
You need to give property information: year built of warehouse, square footage, # of stories, alarm?, sprinkler?, roof type, garage/parking style, type of tenants, estimated annual income/rents collected,
corporation/individual business? building updates?
If you are closing escrow, you can have the insurance company bill the escrow for the premium for the first year.