How Commercial Insurance Protects Your Real Estate Business

Entrepreneurs in Boise, ID, with tangible property, such as buildings and land, may require commercial property insurance to adequately protect their investment. Various mishaps can occur, including severe storms, fires, and other unexpected events. If your properties are spread across diverse locations, monitoring them can be challenging. Fuhriman Insurance Agency can help you determine what you need to protect your real estate holdings sufficiently.

Understanding Commercial Real Estate or Property Insurance

This insurance protects your real estate company’s physical assets from unexpected events, including fire, theft, vandalism, and windstorms. The asset types covered by this policy can include buildings you own or rent, office equipment, furniture and fixtures, and other items necessary for daily operation. It can also cover the loss of business income resulting from physical property damage. This type of commercial policy enables you to recover quickly if your business needs to shut down due to an unexpected event. It can also help pay for damages if a covered event destroys land and buildings you manage.

Factors to Consider

When evaluating the need for commercial property insurance for your real estate business, consider the following factors:

  • Location – Protection typically costs less outside of cities.
  • Construction – Buildings constructed with less combustible materials are easier to insure.
  • Occupancy – The use of your buildings or properties also affects their ratings.
  • Fire and theft protection – The distance from fire services and the theft protections you have in place make a difference.

This insurance is necessary to protect more than just your land and buildings. Fencing, landscaping, satellite and communication devices, and similar items also fall under this protection.

If you’re wondering how commercial insurance can protect your real estate in Boise, ID, contact the professionals at Fuhriman Insurance Agency to schedule your consultation.

How Life Insurance Can Be Used for Charitable Giving and Philanthropy

Life insurance is often viewed as a means to protect loved ones financially. However, it can also serve as a powerful tool for charitable giving. At Fuhriman Insurance Agency in Boise, ID, we assist individuals in finding innovative ways to utilize their policies to support the causes they care about, even after their passing.

Naming a Charity as Your Beneficiary

The simplest way to use life insurance for philanthropy is by naming a charity as a beneficiary. This ensures that when the policy pays out, all or a portion of the proceeds will go directly to the organization of your choice. It’s an effortless way to make a lasting impact without affecting your current financial situation.

Donating an Existing Policy

You can transfer ownership to a charitable organization if you have a life insurance policy you no longer need. This allows the charity to either keep the policy and receive the death benefit later or cash it in for immediate funds. Depending on tax laws, you may be eligible for a charitable deduction when you make this type of donation.

Establishing a Charitable Remainder Trust

A charitable remainder trust (CRT) can be an excellent option for those seeking a more structured approach. This allows you to receive income from your life insurance policy during your lifetime, with the remainder going to a charity upon your passing. It’s a balanced way to combine philanthropic giving with personal financial security.

If you’re considering using life insurance to leave a meaningful legacy, Fuhriman Insurance Agency in Boise, ID, can help you through the process. Contact us today to explore your charitable giving options.