As a building owner you have concerns about property damage to your building and any surrounding property. This can be costly to repair or replace, depending on the amount of damage sustained. You could also be found at fault for any injuries occurring to others while leasing offices, apartments, or anyone merely visiting a property that you own.
Because the stakes are high, including the cost of repairs or any lawsuits you may end up being faced with addressing, we suggest a comprehensive building owners insurance policy to ensure your that property and your net worth are well protected.
You need coverage for any number exposures you face as a landlord, and just one unexpected event could require that you pay a large sum to a contractor or a defendant in a court of law. Plus, if your property becomes uninhabitable for even a short period of time you’ll wind up experiencing a loss in revenues.
Plenty of cause for concern
It’s likely you aren’t on site on a daily basis. You may receive a call or merely show up one day to inspect your property only to find it’s been vandalized, or it has experienced severe damage due to a fire. When your building becomes damaged, or office contents are damaged or destroyed, it means your tenants will be seeking retribution of some type.
Your business property insurance helps you to protect the building, along with equipment and income that you rely on.
There are many issues that you may need to deal with as a building owner. Owning and running a building is no easy task, and is generally a big undertaking and responsibility, even when left in the hands of a capable crew. Experiencing business interruption for any length of time can seriously impact renters operating a business or tenants who suddenly find themselves forced to make other living arrangements, albeit temporary.
With so many risks involved in being a property owner it’s important that your insurance agent has the expertise necessary to recommend the best coverage options for you. Your property is something that you can’t afford to have less-than-adequate coverage on to address any problems you could potentially face, which is why you need building owners insurance that will provide all the protection you’ll need.