What optional coverage might Bob have included to increase his commercial property policy's coverage limit upon renewal?

The optional coverage that Bob could have included to increase his commercial property policy's coverage limit upon renewal is the Inflation Guard. This feature helps ensure that the coverage limits of the policy keep pace with inflation, which can significantly affect the value of properties over time. By adding Inflation Guard, the policy automatically increases the limits based on a predetermined percentage, ensuring that in the event of a loss, the coverage would be sufficient to cover the current replacement cost rather than the outdated amount.

This is particularly important for commercial property policies, where significant investments in property improvements, construction costs, and materials can outpace annual increases in stated limits. It protects the insured from underinsurance and provides peace of mind that their coverage will be adjusted periodically to reflect true market conditions.

The other options, while related to insurance concepts, do not serve the same purpose. Options such as Agreed Value, Advanced Premium, and Replacement Cost serve different functions in insurance policy structure and coverage determinations, but they do not specifically address the need to adjust for inflation in policy limits over time as effectively as Inflation Guard does.