Apartment Building Insurance, Landlord Insurance, Rental Property Insurance

Whether the rental properties provide for housing or private dwellings, offices, warehousing or provide commercial space, it all falls under the general category referred to as Lessor’s Risk Insurance.

Risk Transfer is should be used and part of your overall risk management program for which the l insurance coverage that the Landlord purchases is the final line of defense. Some examples of risk management are:

• Requiring tenants to provide proof of insurance
• Requiring the tenant’s insurance to provide coverage for you under their liability insurance should you become enjoined in litigation as a result of the tenant - being named as an additional insured.
• Requiring that the tenants legal liability coverage has a limit of insurance that would permit you to rebuild the square foot area that they occupy – tenant legal liability insurance
• Housekeeping and safety requirements for the tenants
• Regular maintenance of your building, exterior lighting, walkways and paved surfaces
• Snow & Ice Removal Contractors who provide you with proof of insurance and name you as an additional insured
• Proper Screening of potential tenants – credit, background checks, references

Writing a proper lease with risk transfer requirements in them and following up to see that you have received that documentation

Your Insurance policy should be the last line of defense as a landlord if you are engaging in a risk management program. You can liken it to good nutrition, proper sleep and exercise as a risk management program to keep yourself healthy. Your Insurance agent should be able to provide coaching and tools for risk management

Insurers of Apartment Building Insurance, Landlord Insurance, Rental Property Insurance will often provide risk management resources at a highly discounted price to landlords for background and credit checks because your profitability is their profitability and it is reflected hopefully in your rates and it also preserves your marketability.

Our agency is committed to assisting you with having properly written coverage for both property exposures and liability exposures – a poorly written plan can be very expensive or cause you financial ruin. So, when considering Apartment Building Insurance, Landlord Insurance or Rental Property Insurance, consider us. We understand that this is an income source for you and protecting that properly and sustaining that income source is the goal.