WHAT IS LESSOR’S RISK INSURANCE
Much like personal landlord insurance, Lessor’s Risk Insurance policies are designed to provide liability and property protection for owners of buildings that are leased out to others or, in some cases, do not occupy the majority of the property.
What coverages does this include?
Building coverage, liability, loss of rents are the primary coverages. Other ancillary coverages can be included or endorsed.
This is protection for you as the owner of the building and does not cover the tenants’ liability or contents, as well as some build outs depending on the lease agreements.
Coverage limits generally go up to $1 million per occurrence and a $2 million to $5 million aggregate but
can be increased depending on the nature of the tenant’s business.
If you are a property owner who leases all or major portions of the business property to others, make sure to have the right protection for exposure – lessor Risk Insurance.
If you are the owner of multiple properties, even ones that are adjacent to one another, you will likely need several insurance policies to cover each building.
Talk to an agent at Ganyo Insurance Agency to determine the amount of coverage you need and how many policies you have to carry. Call us and we will give you a free comparison for all of your insurance needs.