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CAT zones (areas prone to catastrophic natural disasters) introduce unique risks for commercial real estate insurance carriers. Insuring commercial real estate in a region that has frequent wildfires, flooding, earthquakes, tornadoes or hurricanes can make the costs of the right insurance policy prohibitive. Because of this, real estate insurance policies, coverage and prices will vary drastically in different regions.
CAT Zone risks don't just apply to established businesses, either. If you're a new construction client in search of builders insurance, you too are affected by the risks and hazards of falling within the boundaries of an official catastrophic region or zone. Without the right insurance provider partnering with you from the beginning, you can lose a great deal of time and funding on all of the wrong policies.
Do you know which of the properties in your portfolio are considered to be in CAT zones? If not, your lack of due diligence could cost you. Not only is there the very real risk of policy gaps or even policy overlaps, there's also a real risk that a catastrophe or disaster may not be covered by a second-rate policy.
Waiting until after disaster strikes to find out how well or poorly your insurance policies will perform is anything but savvy. The right time to get the ball rolling is today.