Commercial Insurance Question
I am in the process of purchasing an older building to use as an art studio for my hobby. There is currently a space for the workshop, along with an existing tenant upstairs. The tenant will basically be paying my mortgage, etc.
After talking with agents, my head is spinning, and i am having a bit of sticker shock. Since this is a mixed use property it has been hard getting agents to quote.
The building is older, and I am purchasing for under $40,000.
I have a lot of questions, and wondering if anyone can help me out.
I sell my art/crafts online, and local art/craft fairs.
1. Agent is quoting me Replacement value on the home. Could I just go with Actual cash value?
2. Agent is including Data Compromise Insurance. Do I need this? I do accept credit card.
3. I am having him run some numbers with different deductibles. Any other ideas of how to reduce my insurance premium?