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Lessors Risk
When a property owner rents out their property, they are said to be lessors. As a lessor, you need to have a unique policy known as lessors risk insurance.
What Is Lessors Risk Insurance?
Lessors Risk Insurance is an insurance policy that covers owners of commercial property owners whose properties are being rented out.
The policy protects the lessor from liability for any loss or damage to the property or any harm caused to third parties, including tenants.
This insurance policy covers losses produced by perils such as fires or storms, and also by third-party liability claims.
What Does Lessors Risk Insurance Cover?
If you own a commercial property, lessors risk insurance is a must. This type of insurance provides protection in a wide array of tenant lawsuits over perils such as:
- Theft
- Smoke damage
- Fire
- Weather damage
- Bodily injury
Keep in mind that lenders typically require this type of insurance as a requisite for any loan involving commercial real estate.
Types of Properties Covered by Lessors Risk Insurance
The Lessors Risk Insurance policy protects both property owners and tenants from unforeseen circumstances. This policy is mainly focused on commercial properties, which include:
- Condo units
- Commercial buildings
- Manufacturing and industrial properties
- Office buildings
- Flex space
- Retail spaces
What’s Not Covered By This Policy?
Like other insurance policies, Lessors Risk Insurance has its limits. This type of policy usually does not provide coverage against risks such as:
- Flood damage
- Earthquakes
- Tenant’s damage to property
- Intentional acts
Uniserv Insurance Services: Lessors Risk Insurance in Southern California
Lessors risk insurance gives owners peace of mind, knowing that they are covered in the event of an unforeseen incident.
With lessors risk insurance, owners of commercial properties can rent out their spaces to tenants without worrying about extensive damage or litigation.
To get protection or to learn more about this type of coverage, contact our agents at Uniserv Insurance Services today.
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