Insurance for Real Estate in Lake Oswego, OR

Whether you’re a seasoned property owner or just stepping into the world of real estate, understanding insurance is crucial. Commercial property insurance, also known as commercial real estate insurance, can offer essential financial protection for your business premises, assets and income. Whether you own an office building, a retail space or an industrial complex, having the right insurance coverage can offer peace of mind and financial stability.

What Is Real Estate Insurance and What Does It Cover?

Real estate insurance can offer financial protection for property owners against various risks and damages. This type of insurance can financially cover physical damage to the property caused by events like fire, wind, hail, vandalism and certain types of water damage. It may also protect the contents within the property, such as furniture, equipment and inventory, against damage or theft. Additionally, real estate insurance may include liability protection, which covers legal expenses and damages if someone is injured on your property or if you accidentally cause damage to someone else’s property.

How Much Is Real Estate Insurance?

The following factors can influence the cost of real estate insurance:

• Location—Properties in areas prone to severe weather, such as floods, storms or earthquakes, typically have higher insurance premiums.

• Property value and size—The replacement cost of the property, which includes the size and construction materials, can significantly affect the insurance cost.

• Coverage amounts and type—The extent and type of coverage you choose, such as additional endorsements or higher coverage limits, will impact the premium.

• Age and condition of the property—Older properties or those in poor condition may cost more to insure due to the higher risk of damage.

• Claims history—A history of frequent claims can lead to higher premiums as insurers may view the property as a higher risk.

• Security features—Properties with security systems and other safety features may qualify for discounts.

• Deductible amount—Choosing a higher deductible can lower your premium, but it means you’ll pay more out-of-pocket in the event of a claim.

Learn More

Contact Action Insurance Company today to discuss your insurance portfolio.