No matter the size of your structure, protecting your investment from theft, fire and disastrous weather elements is an important part of building ownership. For those who look beyond the maintenance department for assistance, having a building a building owners insurance policy is the best financial coverage for your structure.
There are three common types of claims or concerns for those who own a building that is leased to others.
Major weather damage affects the exterior of the structure. Wind or hail damage can break windows, tear off siding or shingles and create safety obstacles. The finances necessary to repay unexpected expenses can wreak havoc on your budget, and it isn’t feasible or good business to raise the rates on your tenants.
Someone becomes injured while on the grounds or in a common area. Although you make every effort to keep your tenants safe, accidents can occur that require medical attention. Whether a minor or major incident, resolving the situation could potentially cost thousands of dollars in medical and rehabilitation expenses.
Property or individuals associated with the building create damage to another’s property. If a roofing tile blows off your building and hits a car, the liability potential is safeguarded with a comprehensive policy. Building owners insurance looks to keep your wallet safe from unexpected instances such as this.