Ready for whatever the future may bring insurance
Don't let anything slow your rental business down
Nothing is small to a small business owner. Your rental company has taken blood, sweat and sometimes tears to build. Operating without the right insurance can put all your hard work and business potential at risk. According to research, 40% of small businesses will incur a loss within the next ten years. When your business includes renting out unique properties to a variety of tenants, things can go wrong.
Apart from finding great tenants for your vacant units, the proper insurance to cover the building, any of your property in the building, and liability are critical.
If you rent out the entire property or if it’s a building made up of several individual units such as an apartment, insurers will require a rented property policy.
Coverage if someone injures themselves at your location or your business causes injury to another person or damages their things or property. You can be held responsible for the expenses, legal fees, and lost wages that result.
Coverage for replacement or repair of the building in the event of unfortunate circumstances such as a fire, water damage, or theft.
Rental Income Insurance
Coverage for gross rental income during the restoration, provided the reason the property is un-rentable is because of an incident that you have claimed on your policy.
Coverage for Condominium Rentals
Improvements and Betterments Insurance
If you made updates to the original condominium specifications (e.g., new cabinets, countertops, renovations), the value of these should be listed in your property coverage so they are covered in the event of loss or damage to the building.
Condo Unit Owners Contingent Liability
Protection if the strata's insurance policy does not fully cover expenses for an injury or damage on the property, and the condo unit owners become responsible for the remaining cost.
Extended Condo Unit Owners Property Insurance
Coverage for the building and property when the condo is damaged, even if the strata's insurance policy is insufficient to cover costs.
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