By Justin Lamontagne of NAI | The Dunham Group
My father always said, “If it’s worthwhile doing, it’s worthwhile doing right”. As a teenager, it was one of those absolutely grating sayings that usually accompanied some menial assignment or chore like moving a pile of rocks from one side of the yard to another or raking leaves in someone else’s yard. As a kid, I would roll my eyes. As a working adult, I now appreciate it (and look forward to tormenting my kids with it). I recently thought of those words while discussing a piece of the commercial real estate puzzle that is too often overlooked and not done “right”: commercial property insurance.
I traded some emails on the topic with my friend, Josh Fifield, a commercial insurance agent at Clark Insurance. Too many of my clients and other property owners simply look at insurance as another item to check off the list, without considering the true value it can have. Furthermore, there are significant cost-savings that can be had up front with proper coverage and planning. Along those lines, Josh suggests that, “including your insurance agent in the early planning discussions is extremely helpful regarding your investment whether it be new construction, development or renovation/rehabilitation. It also applies when adding to or subtracting from your property portfolio.”
Josh emphasized the importance of …