When you own and run your own business, it goes without saying that comprehensive insurance coverage is a top priority. This includes in regards to your commercial real estate. However, if your property insurance policy doesn’t include ordinance or law coverage, there’s a good chance you won’t be fully covered in the event your building is ever damaged or compromised.
What Is Ordinance and Law Coverage?
As discussed on https://www.nsins.com/, ordinance and law coverage is a type of real estate coverage that is often overlooked despite its importance. Without it, a given property would be protected in the event of total destruction due to fire, natural disaster, vandalism, or other common occurrence. However, a loss that isn’t total may not be should the undamaged portion be declared unusable under an applicable ordinance or zoning law. For instance, the property owner could be required to cover the costs of rebuilding, repair, or demolition without the help they otherwise would have gotten under their insurance policy.
Make Sure You’re Covered
Ordinance and law coverage becomes even more important when you consider the ever-changing nature of city ordinances, zoning laws, and the like. Without it, there’s always the chance that you wouldn’t be fully compensated should the worst ever happen, even if you perhaps would have been at some point in the past. Speak to an insurance agent today about truly safeguarding your business today.