Commercial Insurance Question

[tgotch]

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?

 

[Letj]

I do not do replacement value on my rentals. I only do up to the amount I have invested. In my case the replacement value is way more than the houses will ever be worth and it costs twice the cash value insurance.


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