Begin early—especially for older, frame, non-sprinklered, loss-affected, or hard-to-place buildings. The following information usually shapes both eligibility and pricing.
1. Verify the property schedule
- Addresses, year built, square footage, stories, units, and occupancy
- Construction type, roof material and age, and sprinkler or alarm protection
- Updates to wiring, plumbing, heating, roofing, and structural systems
- Commercial occupancies, vacancies, short-term rentals, or renovation work
Incorrect or incomplete property data can cause poor quotes, underwriting delays, or problems after a loss.
2. Revisit building values
Insurance values should reflect reconstruction cost rather than the property’s sale price or loan balance. Review recent valuations, construction-cost changes, debris removal, code upgrades, and any renovations completed during the year.
3. Review business income
Confirm the rent roll, other income, continuing expenses, and the time it could realistically take to rebuild and re-lease units. Review both the business-income period and any extended period that applies after physical repairs are complete.
4. Compare deductibles carefully
Do not assume every deductible is a flat dollar amount. Wind, water, freeze, theft, or other causes of loss may have separate terms. For a portfolio, understand whether a deductible applies per building, per location, or per occurrence.
5. Check important coverage details
- Ordinance or law coverage for undamaged portions, demolition, and increased construction cost
- Sewer or drain backup and water-damage limitations
- Equipment breakdown and service-line coverage
- Replacement cost versus actual cash value
- General liability, medical payments, and hired/non-owned auto when applicable
- Crime, cyber, employment practices, and pollution exposures
- Excess or umbrella liability limits required by lenders or ownership goals
6. Prepare loss information
Gather currently valued loss runs and explain larger claims, open reserves, corrective work, and steps taken to prevent recurrence. A clear explanation is more useful than leaving the underwriter to make assumptions.
7. Check lender and ownership requirements
Confirm the named insured, property-owning entities, management company, mortgagee language, notice requirements, and minimum limits. Make sure the policy structure matches the actual ownership structure.
Suggested renewal timeline
- 90–120 days out: update schedules, valuations, rent rolls, and loss runs.
- 60–90 days out: submit a complete underwriting package and answer follow-ups.
- 30–45 days out: compare quotes, forms, exclusions, deductibles, and carrier strength.
- Before binding: confirm lender requirements and document the final coverage decisions.
This guide is general educational information. Coverage availability and terms vary by property, carrier, underwriting, and the specific policy forms issued.