Protect Your Rental Property with Rental Property Insurance
Owning rental property can be a lucrative business model if you have properties in the right locations, such as sought-after neighborhoods or populated commercial areas. Being a landlord is not easy though. You may face an ongoing struggle with broken plumbing, disgruntled tenants, and government ordinances. Even with the best practices used to protect tenants and provide a safe property, claims may arise. If you do not have the right insurance coverage, you are at risk of losing it all having to defend or pay a lawsuit.
Gain peace of mind when you work with the experienced brokers at the Business Insurance Center and we provide a rental property insurance quote. We understand the delicate balance of providing a safe environment while running a business. We can discuss the different risks you face and help you ascertain the policies needed. Our knowledgeable brokers can help your business stay running after a covered event.
Risks to Consider as a Rental Property Owner
It does not matter if you own single-family residences, a retail store, or a warehouse. The risks associated with being a landlord are steep. Before you leave yourself vulnerable, consider these factors that require coverage:
- Fire, Flooding, or Another Catastrophic Event: Your tenant should have a renter’s policy to cover them in the event they lose their belongings, stock, or equipment. As a property owner, you are responsible for the property itself. If a fire destroys your rental, you will need to rebuild. Having a good policy in place can help.
- Injury Liability: An injury can happen at any time, whether it’s a visitor of your tenant, a delivery driver, or an employee making inspections on your commercial premises. Just imagine if your sidewalk is broken and someone falls and breaks their ankle. You could face a claim against you for medical bills and lost wages.
- Theft or Vandalism: If one of your retail outlets is robbed or vandalized, your commercial tenants may blame you for not keeping the property safe. They may file a suit against your company for failing to provide adequate security.
- Lessor’s Risk: Renting out commercial properties such as retail or warehouse space, has additional factors to consider that may tax the limits of a general liability policy. If you are found liable, you may have to pay other costs, such as:
- Litigation expenses
- Financial payments for those who sustained an injury on your premises
- Claims from other liability exposures
Protect Yourself and Your Property – An Experienced Broker Can Help With a Rental Property Insurance Quote
Gain confidence and peace of mind when you work with the experienced brokers from the Business Insurance Center. We have helped property owners and landlords across the country protect their business. Call us today and discover the difference in working with us.
Request a quote for rental property insurance or call (888)-585-0511 and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you nationwide and an online Live Chat operator.