Lessors Risk Insurance
As a landlord, you must account for many risks and exposures while operating your business and leasing space to tenants. Securing appropriate insurance that can shield you from the financial ramifications of lawsuits filed by your occupants may be essential, as failing to do so could leave you facing significant legal expenses and fiscal losses. With these potential consequences in mind, lessors risk insurance is a valuable investment.
What Is Lessors Risk Coverage?
Also known as lessors risk only (LRO) insurance, this type of coverage can provide financial protection for landlords regarding lawsuits and accusations filed by tenants. If a renter sues you, alleging that you were responsible for their losses, such as bodily injuries or property damage, LRO insurance can help limit your out-of-pocket expenses.
What Does a Lessors Risk Policy Cover?
Although policies’ exact details may vary, LRO coverage can typically provide funds and resources in response to accusations that you were at fault for the following incidents:
- Slip-and-fall injuries
- Weather-related losses (e.g., property damage caused by mismanagement of snow and ice)
- Theft
- Vandalism
- Fires
- Smoke damage
- Water-related losses (e.g., sewer backups and burst pipes)
- Accidents involving a landlord or rental company’s motor vehicles
Speak with your agent about all the coverage options and endorsements suitable for your unique circumstances.
Get the Right Coverage
If you’re a landlord in the Port Orange or Palm City, Florida, areas, you should work with a qualified insurance professional, such as Iten Insurance Agency, to review your options for LRO coverage. These policies can be critical in securing your financial interests and future prospects. Contact us today to learn more.
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