What could lessors risk insurance cover?
When you rent property to tenants, you’re taking on more than just collecting rent. Accidents happen, buildings get damaged and unexpected issues can disrupt your income.
Coverage varies by policy, but lessors risk insurance could help protect property owners from everyday risks such as:
- Medical expenses if someone gets injured on your property.
- The costs to repair some damage to the building (after a fire, windstorm, vandalism or other covered event).
- Legal defense expenses and settlements.
- Lost rental income if an event causes the property to be temporarily uninhabitable.
- Some types of sudden and accidental water damage, such as a burst pipe.
Every policy is different, so it’s important to review your coverage details, including limits and exclusions, to understand exactly what could be covered, and to what extent.
Looking for lessors risk insurance? ERGO NEXT has landlord insurance for property owners who lease space to tenants. Start a free quote online to see your exact cost in about 10 minutes.
Who needs lessors risk insurance?
Lessors risk insurance is designed for property owners who lease space to tenants. Whether you own a single rental property or multiple buildings, this coverage could help you manage some of your risks.
You may want to consider lessors risk insurance if you own:
- Office buildings
- Retail spaces
- Warehouses
- Multifamily housing
- Apartment buildings
- Mixed-use properties with residential or commercial tenants
Lessors risk insurance may also be worth considering for real estate investors or property management companies that own rentals.
If you’re trying to get a loan to buy commercial property, some financial lenders may also require proof of insurance before you can qualify for financing.
