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What is an adequate square foot rate for insurance on a commercial building?
Wiki User
∙ 10y ago
It all depends on what the building is used for, where it's located, the type of structure (wood frame, metal, masonry, and how many stories. For instance, I just quoted an apartment building of 6 units with a total square footage of 5,400 and the replacement cost coverage came out to $690,000 or approx $128.00 per square foot. On the other hand, A warehouse may only come out to 50 or 60 dollars per square foot. All buildings are not the same and will require an evaluation of it's construction cost.
Answer
Property: While you can certainly calculate out the insurance rate per sq ft - - property insurance premiums are based on value (the rat is developed based on protection, location, use / occupancy, construction, etc...). Regardless, it is a rate per $100 of value.
Liability: Depends on the class of business... but speaking pure real estate the rate is based on sq ftg.
Wiki User
∙ 10y ago
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