If you are a landlord, there are potentially many scenarios that can keep you awake at night. From finding new tenants to keeping the building in optimal condition, you have your hands full. Lessor’s risk insurance (LRI) serves the needs of your property rental business and gives you a few less things to worry about. You deserve a good night’s sleep!
At Hawsey Insurance, we often recommend lessor’s risk insurance to protect the commercial property of our clients. If you rent out space to other businesses, you probably require your tenants to purchase their own insurance policies. However, it’s your company’s name on the deed, and you need to know that you have adequate protection for the entire property.
Here are the basic facts you need to know regarding lessor’s risk insurance:
Wondering about the cost of LRI? Get a quote online.
Most insurers allow you to choose your coverage limit on a sliding scale. Note that the higher your coverage, the higher your premiums will be. Some business owners choose higher deductibles to cover the increased cost of lessor’s risk insurance. However, it’s important to keep in mind that in the case of a covered event, you will have to pay the deductible out of pocket. Generally, many LRI policy limits are capped at $1 million.
Before making any decisions on whether to purchase lessor’s risk insurance, contact one of our knowledgeable agents to find out if you meet the requirements for this type of insurance. We can also discuss any other types of insurance coverage that could benefit your commercial property business.
Schedule an appointment online at one of our offices in Madison, Jackson, or Southaven, MS. We serve commercial clients in Mississippi and the surrounding states.