Lessor Insurance

This real estate industry includes establishments that act as lessors for different types of property, including residential buildings, agricultural property, farmland, auditoriums, commercial buildings, mini-warehouses, and self-storage units. Establishments may also be involved in the rental of these spaces.

Insurance impacts your relationship with your landlord. If you have insurance, you tell the landlord that you’ll be able to cover any damage that occurs to your property as the landlord won’t complete the repairs after damage during your lease. This then builds up your landlords' trust, and the chance of getting the lease that you want is high. Also, in a lawsuit, the insurance will cover most of the fees until its limits. Therefore, your business and personal assets are protected.

Here are some of the risks that you may want to consider for getting insurance:

• If an individual is injured inside your property you are at risk of a liability claim. It can be anything like a simple slip and fall claim.
• When there is property damage or loss inside your leased property, you as the lessor will have to pay the cost to repair or replace it.
• Insurance covers you from these types of losses. Without any insurance, you could be left owing huge sums of money.

The cost of lessors insurance will depend on the size of the property and the coverage required. To find out the cost of your insurance policy, apply for a free quote online or give our insurance experts a call.