Residential/Commercial Rental Property
If you own commercial or residential property in which you receive an income, the property itself as well as the income derived from that property should be protected.
Residential and Commercial Property Coverages:
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Building - The building also could include the outdoor sign and the fence and landscaping outside. Also may include outbuildings such as detached garages and sheds.
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Contents - Appliances and contents that belong to the landlord
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Business Income - If your property has a fire or other insured peril coverage is available to compensate for those expenses and lost income. Business Income interruption insurance pays for fixed expenses such as utilities, taxes, and loss of earnings. Typical lengths of coverage.
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Landlord's Liability Insurance - Coverage for claims made against you for bodily injury or property damage that arise as a result of your ownership of the property. Liability claims could come as a result of the actions of your employees, products, completed operations, or something else that occurs at your location. This coverage also helps with financial costs such as defense costs and third-party damage if you are found legally liable.
Because there are many types of properties, policies will not all have the same premium. These are some of the factors that determine the price of rental property insurance:
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Property Type (Industrial, Manufacturing, Residential, Apartment, Retail)
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Occupations present at the property
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Location (different areas are more prone to vandalism or flooding or other types of claims)
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Upgrades and improvements made
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Claims History of the owner
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Credit Score
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Type of building materials used to build the structure of the rental property.