Each year businesses spend thousands of dollars on rent and thousands more designing office space. At the end of the lease, all there is to show for their expenses and effort is a new round of negotiations with the landlord.
Office Condominiums allow businesses to purchase their own space and experience the benefits of property ownership. Advantages to Office Condominium ownership include freedom from the unpredictable and stressful renting cycle, flexibility of maintaining your own space and control of planning for the future with stable and predictable costs. Companies and investors now have the opportunity to own space in some of the West’s hottest commercial real estate markets and important commercial districts, eliminating wasted monthly expenses and experiencing the value offered in a long-term investment. In addition, non-profit businesses have the further benefit of being exempt from paying real estate taxes.
Insuring your new office digs
Novita Insurance Solutions offers comprehensive Commercial LRO insurance for clients, with Open Perils property coverage, including no coinsurance and 3-tiered coverage (Base Policy; and Gold and Platinum endorsements with additional eligibility requirements), with individual policy issuance. The company’s multiple loss settlement provisions available include:
• Extended replacement cost (125%; check with us regarding additional eligibility requirements)
• Replacement cost (100% to value)
• Agreed amount
• Actual cash value
LRO-specific General Liability at $1M and $2M, and minimum $1,000 retention level. Coverages are available as Mono Line or Package.
Contact Novita for eligibility guidelines; we’ll work with you to structure a program help your office condo owner clients protect their investment.
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