All The Essential Insurance Information For Commercial Landlords You'll Ever Need!
All The Essential Insurance Information For Commercial Landlords You'll Ever Need!
Insurance is often looked upon as a distressed purchase, a bit like a replacement exhaust. You don't want to spend money on it but you have to. So ensuring you have the right insurance and you are paying the right price, is going to go some way to making you feel better about the whole insurance market. The way I look at insurance is that it allows me to sleep better at night, knowing I am fully protected. And what price is a good night's sleep? So as commercial landlords having the right insurance to ensure your flats, houses, offices and shops are correctly covered is paramount!Commercial property covers a variety of premises including factory outlets, office premises, retail outlets like shops and hairdressers and things like car dealerships. And all commercial properties, like residential, need to be covered by insurances for a variety of purposes. Even buy to let properties often come under commercial property but this depends on the contract and type of property.When obtaining commercial insurance, the rules are different to those of residential as the insurance is higher risk because the tenants can change and there is a risk that they could have accidents with machinery, or for buy to lets there could be fire of damage from outside risks such as graffiti. Taking on building insurance under the guise of a landlord has a few added benefits when compared to regular building insurance. For example you will gain accidental damage cover under buy to let building insurance, so any smashed windows or other breakages or repairs along these lines needed will be covered and as the landlord you won't have to fork out for them yourself.Buildings insurance is extremely important as the property, in terms of bricks and mortar, are the security for the mortgage and so the building needs to be covered to ensure that it can be rebuilt or renovated if need be.Another issue with commercial landlords is that the property may end up being unoccupied for a certain amount of time if a tenant moves out and before another movies in. So it is important that you have some kind of insurance in place in case this happens. This would ensure that you can afford to pay the commercial mortgage even if you do not have the rental funding coming in and so mortgage lenders are more comfortable and more at ease that there is cover in place to ensure that the commercial mortgage can be paid no matter what.Liability insurance is also essential if you are renting out a commercial property. You are solely responsible for the well being of anyone who sets foot on your property, the law states that you have 'duty of care' towards all visitors (amazingly, even burglars). Anyone having an accident on site must be able to claim from your insurers, and if they can't, they'll claim from you.Your lender will require in the main the bricks and mortar insured. The last thing anybody wants is the building disappearing in a puff of smoke with no means to rebuild it. The trick here is making sure you get the right cover at the right cost.Contents insurance is important if you are considering letting a furnished property to tenants. The same is advisable for furnished offices, retail space and warehouses. This insurance isn't essential to getting the mortgage, but it covers you from damage and thefts.There are plant of insurance companies out there and many f them offer landlords insurance. Shopping around is the key plus it is worth joining one of the many landlord networking groups where you ask questions and share experiences. I don't like paying for insurance, but I don't like being uninsured more. Wedding Insurance and Wedding Flowers Cosmetic Surgery Insurance For Everyone Who Will Take Future Cosmetic Surgeries What To Look For In A Commercial Fitness Insurance Provider How to Plan Beautiful Weddings in St. Thomas Irvine Insurance Choosing The Right Policy Apartment Building Insurance a true friend in need Motorbike Insurance 101: Basic Things You Should Know Massage insurance for the unexpected Sectional Title Insurance Made Easy Best Business Insurance - Get It Right or Risk Everything Coverage is key, even for yoga teachers Loss Assessors-Avoid Insurer Interruption Building Construction Insurance in Japan