Insurance

When talking about lessors risk insurance, most people don’t know what a lessor is to start with. This is because when talking about lessors, people generally refer to them as landlords. While landlords may be lessors, all lessors are not the technical definition of a landlord. (Think of a square/rectangle situation.) Recently, there’s been a rise in the amount of people interested in becoming lessors, whether it’s for student housing, apartment complexes, shopping centers, or any other type of multi-unit building.

While some entities know what they’re getting into with their investment, many others only have a vague idea of the risks they face. What’s more alarming is that many of these lessors never consider or buy insurance for their building. Although it’s not legally required to have lessors risk insurance (also called LRO insurance), not having coverage can leave you to deal with some serious losses if anything does happen to your building.  If you want to become a lessor, here are 4 reasons to consider insurance coverage for your multi-unit rentals.

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If you’ve invested in or operate an apartment complex and you’ve been turned down for insurance, your apartment buildings may be considered “high-risk.” High-risk apartment complexes can be a little trickier to insure than “normal” ones. Many people don’t even know that their apartment investment is high-risk until they search for coverage. Plus, getting an answer from insurance companies as to why your apartment complex is high-risk can be like pulling teeth. Here’s some insight on why major insurance carriers may consider your apartment complex “high-risk.”

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If you own a shopping center, you understand that there are many potential mishaps that could befall your strip mall – and, since you’re the one who owns the place, you. There’s always the possibility of a property-related loss like a fire, windstorm, or vandalism incident, but what about other costly losses? We’re talking about liability-related lawsuits. Our society is an extremely litigious one, after all, and your worst nightmare might be getting sued by someone who got hurt on your property. So, what can you do to avoid seeing that nightmare become a reality? We’ve got 5 tips to help you avoid general liability claims.

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If you have a parking lot, you’ve got a fair amount of risk. While no one wants to consider the worst-case scenario or think about how a disaster could befall them, it’s important to understand the risks you face as the owner or operator of a parking lot or garage so that you can get the insurance coverage you need to protect yourself from risk. We’re going to go over four different coverages you can consider for your parking garage and explain how each can protect you.

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If you own an apartment complex, you might be worried that the insurance side of things could get complicated. You face a lot of risks as a landlord, both liability-wise and property-wise (apartment buildings aren’t cheap, after all!) It’s crucial to get the apartment complex insurance you need to protect yourself from the risks you face. There are many apartment complex insurance coverages you can consider, and we’re going to go over four of the main types of insurance you can consider for your apartment building.

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