As a commercial landlord, you understand the importance of keeping both your property and tenants safe, whether you own a large commercial building or a small office space. While standard property insurance will protect your interests, it may not offer the exact coverage you need, especially while the building is occupied. That’s where lessors insurance comes in. If you’ve never heard of this type of policy, you’re not alone. The experienced agents at Mountain Lakes Insurance Agency in Woodstock, GA, want to help. Below, they explain what lessors insurance is and how it works to protect your rental property.
Lessors Insurance Defined
Lessors insurance is a type of property insurance that is specifically tailored to the needs of landlords, primarily in the commercial real estate market. These policies provide you with liability coverage for damages that occur as a result of your tenants’ occupancy as well as any injuries that happen on the property that are not covered by your tenants’ business insurance policies. The coverage also extends expanded property coverage, much like a homeowners’ policy, making it easier for you to maintain and repair the property in the event of a storm, disaster, or break-in.
How Coverage Protects Your Investment
The type of coverage provided by each policy will differ based on the landlord’s needs. After all, the concerns an apartment building owner has will likely be different than that of a commercial office space owner. You’ll need to choose the limits for the coverage based on the number of occupants the building can house, the location, and the risk similar businesses in the area are exposed to. The higher your coverage limits, the higher the premiums will be, but the better prepared you’ll be to face a potential disaster.
Lessors property insurance works much like your personal homeowners’ insurance policy. Should a tenant initiate a liability suit against you or if a part of your property gets damaged and is not the responsibility of the tenants to repair, file a claim with the insurance provider. After paying a deductible, they’ll work with you to provide the financial resources you need up to the coverage limits specified by the policy.
If you’re a commercial property landlord or own an apartment complex or other multi-family housing structure, lessors insurance is one of the most important policies you can have. If you need coverage or want to reevaluate a current property insurance policy, contact the team at Mountain Lakes Insurance Agency. Their dedicated agents will help you fully protect your business’s interests. Learn more online and call (770) 926-9444 to schedule a consultation.