This is the first article that provides some insight for landlords and owners regarding insurance issues as it relates to your property. Knowing these facts will help you to protect your asset as well as yourself in case of unforeseen occurrences.  Landlord insurance should be seen as a necessity, not a luxury.

Disclaimer: These articles are intended to raise questions to review with your insurance provider or legal advisor. This article is not an insurance sales solicitation, legal advice or to be considered a comprehensive evaluation of all tenant risks.
Provided by Sterling Insurance Associates Ltd. – a consulting company

Firstly, why have landlord insurance?

• It provides the financial resources to restore your property and put your operations back in business as quickly as possible after an event, and
• To pay for damages owed to other parties you or your employees are responsible for

Secondly, what should I insure?

My Property – the property I own on the premises and any modifications made to the leased premises, such as:

• Property I own – building, outbuildings, structures, fences, landscaping, driveways, contents, furniture and equipment, boiler and machinery, computer equipment
• My business records and data records on the premises
• Cost to restore your operations after a loss; business interruption, lost rents, and extra expense coverage; in case the leased premises becomes unusable
• Tenants’ Improvements – building improvements installed to the premises by you or by the Tenant (improvements that have been taken over by you from a prior Tenant)

Liability to Other People – Property Damage and Bodily Injury

• Premises – protection for individuals injured while on the premises, if you are responsible
• Damages to other peoples’ property from your business operations, if you are responsible
• Non-Owned automobile coverage, in case an employee on business is operating their vehicle without valid liability coverage

Liability to the Tenants’ Property – Property Damage

• Damage to the Tenants’ property, if you are responsible

As an owner and landlord, be smart and be safe – take out landlord insurance, it’s the right thing to do.

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