When managing a commercial property, the last thing you want to worry about is high insurance costs. Due to a 56% increase in billion-dollar extreme weather events since 2023, the cost of commercial insurance has skyrocketed. As many as 42 extreme weather events are projected to occur by 2030 with estimated recovery costs of $92.9 billion. Fortunately, preventative maintenance can save you money and from headaches when managing your property.
Insurance premiums are largely influenced by your claims history. The more claims you file, including liability and damage claims, the more likely your rates are to increase. Preventative maintenance prevents incidents such as water damage and electrical fires that trigger claims. A lower loss record means lower premiums. Asset care and risk management can also reduce wear-and-tear related failures and claims that would otherwise raise costs.
Life cycle roof management may be beneficial when defending against natural and industrial factors. Spending just $2,000 – $3,000 annually on maintenance programs for a 20,000 square-foot commercial roof means avoiding $100,000 – $200,000 in unnecessary costs over the roof’s lifetime. A lifecycle roof management program in the Midwest includes annual inspections, drain cleaning, heat tape installation and risk mitigation. Snow and ice dam removal are also included in the program.
Proactive maintenance saves building owners eleven cents per square-foot per year compared to reactive maintenance. To maximize the insurance value of commercial preventive maintenance, document inspections, repairs and safety checks addressing proper roof access, ladders, hatches and railings. Proper documentation better demonstrates your eligibility for coverage and more agreeable insurance terms.
Service providers like Kato Roofing provide customer portals for your property portfolio including inspections, reports, documentation and a multi-year repair plan. These resources assist with budget planning, maximizing return on investment and improving your roof’s overall lifespan.
