Learn about Real Estate Rental and Leasing – NAICS Code 53 – For Commercial Insurance. Insurance companies use NAICS codes to classify your industry and calculate your premiums. See all the six digit codes that fall under this primary NAICS class code for business insurance underwriting and cost purposes.
Real Estate Rental and Leasing – NAICS Code 53
What’s the best way to describe your company’s business operations? Are you involved in the Real Estate Rental and Leasing industry?
If so, then your business classification falls under Real Estate Rental and Leasing – NAICS Code 53 – For Commercial Insurance. Insurance companies use NAICS codes to identify customers by industry code.
The NAICS sector code is a six digit number: the first two digits designate the largest business sector, the third digit designates the subsector, the fourth digit designates the industry group, and the fifth digit designates particular industries. The last digit designates national industries.
Sector 53 – Real Estate Rental and Leasing – NAICS Manual
The Real Estate and Rental and Leasing sector comprises establishments primarily engaged in renting, leasing, or otherwise allowing the use of tangible or intangible assets, and establishments providing related services. The major portion of this sector comprises establishments that rent, lease, or otherwise allow the use of their own assets by others. The assets may be tangible, as is the case of real estate and equipment, or intangible, as is the case with patents and trademarks.
This sector also includes establishments primarily engaged in managing real estate for others, selling, renting and/or buying real estate for others, and appraising real estate. These activities are closely related to this sector’s main activity, and from a production basis they are included here. In addition, a substantial proportion of property management is self-performed by lessors.
The main components of this sector are the real estate lessors industries (including equity real estate investment trusts (REITs); equipment lessors industries (including motor vehicles, computers, and consumer goods); and lessors of nonfinancial intangible assets (except copyrighted works).
Excluded from this sector are establishments primarily engaged in renting or leasing equipment with operators. Establishments renting or leasing equipment with operators are classified in various subsectors of NAICS depending on the nature of the services provided (e.g., transportation, construction, agriculture). These activities are excluded from this sector because the client is paying for the expertise and knowledge of the equipment operator, in addition to the rental of the equipment. In many cases, such as the rental of heavy construction equipment, the operator is essential to operate the equipment.
How NAICS Classifications Effects Your Commercial Insurance Cost
But how does your Real Estate Rental and Leasing – NAICS Code 53 – For Commercial Insurance classification affect your premiums and insurance cost? Insurance companies selling commercial insurance use NAICS codes in many ways – to analyze and classify the businesses they insure, or choose not insure. Some small business NAICS code classifications can result in you paying higher premiums for your business insurance. It is important that your business is classified properly.
Industry codes help insurers with several analytical processes involving marketing, underwriting, exclusions, loss control, forms, pricing and other operations. Let’s look at some of the the NAICS codes under your classification.
NAICS Structure
Following is a list of all the codes and titles. If the title is linked you can drill down for more information:
- 531110 Lessors of Residential Buildings and Dwellings
- 531120 Lessors of Nonresidential Buildings (except Miniwarehouses)
- 531130 Lessors of Miniwarehouses and Self-Storage Units
- 531190 Lessors of Other Real Estate Property
- 531210 Offices of Real Estate Agents and Brokers
- 531311 Residential Property Managers
- 531312 Nonresidential Property Managers
- 531320 Offices of Real Estate Appraisers
- 531390 Other Activities Related to Real Estate
- 532111 Passenger Car Rental
- 532112 Passenger Car Leasing
- 532120 Truck, Utility Trailer, and RV (Recreational Vehicle) Rental and Leasing
- 532210 Consumer Electronics and Appliances Rental
- 532281 Formal Wear and Costume Rental
- 532282 Video Tape and Disc Rental
- 532283 Home Health Equipment Rental
- 532284 Recreational Goods Rental
- 532289 All Other Consumer Goods Rental
- 532310 General Rental Centers
- 532411 Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing
- 532412 Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing
- 532420 Office Machinery and Equipment Rental and Leasing
- 532490 Other Commercial and Industrial Machinery and Equipment Rental and Leasing
- 533110 Lessors of Nonfinancial Intangible Assets (except Copyrighted Works)
Real Estate Rental and Leasing – NAICS Code 53 – For Commercial Insurance
We hope this information on Real Estate Rental and Leasing – NAICS Code 53 – For Commercial Insurance has been helpful. Your classification determines how much you pay for your commercial insurance and much more.