Insurance and Risk, two sides of ten coins

Since some of our properties are owned by partnerships we control, several years ago we huddled with our insurance agent and combined all of the insurance policies for those properties into a single "master policy" that renews annually on March 1.  A couple of years in we started offering our third party clients the opportunity to add their property or properties to the portfolio.  Working through the renewal process, though, is always an education in the arcania of insurance terminology.   Wind and hail deductibles, all other perils, terrorism, and "umbrella" liability, are all terms you seem to need a PhD to understand. This year we got the opportunity to learn about buying flood insurance when there's a property actually in a FEMA flood plain.  Fun stuff, I'm telling you.  We get that when you own a property, you have to understand these things. With our ability to cover a portfolio, we have perks we would never have with an individual policy, such as the ability to have--yet another arcane term--"blanket" coverage and the ability to cover vacant properties at reasonable costs.  This year we're celebrating the fact that our premium didn't go up over last year, which is under $.20 per square foot for most of our office properties.  Given that we live in tornado alley, that's an accomplishment, and worth the brain damage, maybe even worth that PhD.