Landlord Insurance is an insurance policy that provides protection to property owners particularly for financial losses related to rental properties. Coverage is offered to standard risks to building and contents including fire, lightning, earthquake, storm, flood, theft, and malicious damage. Depending on the appraised need, a landlord policy may cover any, some, or all of these. Offered coverage however, does not include property of tenants.
That said, of what use therefore is a landlord insurance to a business? The answer is quite obvious for businesses who are into property rentals. Since the commercial property is the owner’s source of income, it makes sense to get protection in case natural and man-made calamities affect such property.
Some of the major risks faced by landlords is non-payment of rentals by tenants and damage to property. This is especially true for self-managed leased properties. Property owners who do not make use of an agency to manage the property usually do not comply with basic requirements such as screening of tenants and regular inspection of the property thereby exposing them to more risks.
As for tenants conducting business on a rented space, a landlord insurance may not be of particular benefit to them. A more appropriate product will be the tenant insurance. It will be able to provide protection for personal belongings that are inside the rented space such as furniture, appliances, clothes, and jewelry, among others. It also provides protection for any upgrade made on the property as well as any personal liability to others that may arise while renting the property.
Each insurance need has a corresponding insurance product. Landlords can make use of advise from professional insurance providers. Businesses operate more smoothly under the assurance of sufficient protection. Reliable insurance providers can provide businesses all the possible options for maximized protection.
About the Guest Blogger
Tina is a part-time insurance consultant who has extensive experience dealing with property owners and their specific concerns. She recommends http://www.totallandlordinsurance.co.uk/ for any landlord insurance need.
Originally posted on September 24, 2012 @ 6:29 am