City Building Owners Insurance Program Has New Initiative: Building Owners Can Negotiate Lower Insurance Rates

In today's economy, landlords and building owners have a new resource to help negotiate lower insurance rates. The City Building Owners Insurance Program helps them build a positive "building profile" to submit to several insurance companies who will bid for their business, offering lower rates and policies with broader terms.

New York, NY, June 09, 2009 --( One of the most important things a building owner can do is to create a "building profile" with their insurance broker, to present their building in the most complimentary and worthy way. Many factors go into determining the cost of a building's insurance, such as construction, replacement cost, number of units, claims history, housekeeping, occupancies, and exposures. Insurance companies look to see if the building is up to code. Updated profiles should mention all safety-related improvements in the property such as addition of a doorman, security cameras, alarm systems, improved lighting, and anything else that would make the property more appealing to an insurance underwriter, who can then apply credits for the safety measures taken.

Advise the insurance company of building upgrades and repairs. Upgrades to major systems such as heating, electric, and plumbing greatly improve the risk profile of the building and can present your property better to the insurance company.

Stu Cohen, principal of City Building Owners Insurance Program, stresses that building owners should use an independent broker knowledgeable in the real estate field. They know the various markets available where the building profile will fit best, and can present the building to many companies who will compete for the business. Use a broker who advises and works with the client 12 months a year, not someone who just sends a bill at rnewal time.

City Building Owners Insurance Program has access to every insurance program available to landlords and building owners in the New York City marketplace and the tri-state area. They will comparison shop for the building owner, after assisting with a "building profile" to make the risk more appealing to the insurance companies. Insurance companies show their appreciation to risks that have shown theor buildings in the most positive way, by offering them policies with lower rates and broader terms. Call toll-free (877)576-5200
to get more information.

City Building Owners Insurance Program
Stu Cohen