Arizona Lessor’s Risk Insurance
If you own a building which you are leasing to several people for residential or commercial purposes, you should be prepared for emergency and untoward incidents which could cost you. And the only way you can do this is by availing a certain kind of insurance policy.
Lessor’s risk insurance is a policy that will cover possible expenses to a leased property in case of damages, or if someone gets into an accident within the premises. Also referred to as landlord’s insurance, this policy also covers the repair costs of tenants living in the building, which means everybody will benefit from it.
While most localities do not require the purchase of lessor’s risk policy, it is still highly recommended to protect the owner from damages and liability. The following are some situations which are covered by this policy:
- A fire damaged the building.
- Someone got injured in an accident within the building premises.
- People vandalized the walls of the building.
- One or more of the lessees’ units were nabbed by thieves.
As the owner of the building or the leased area, it is your responsibility to keep it safe, while protecting your own finances in the process. With the help of lessor’s risk insurance, you would not even need to worry when something unfortunate takes place within the building’s premises because your policy will cover the expenses.
If you want to inquire about landlord’s insurance, you better choose Moore’s Taxes and Insurance. For many years, we have provided sound advises to our clients, and helped them find the best policy for them. Call Moore’s Insurance now or send us a filled-up quote form so we can contact you right away.