Insurance Overview for Rental Properties
Insurance is one of the "big three" expenses alongside mortgage and real estate taxes. If a tenant requests, landlords must disclose insurance details for the property. See MGL Ch 186 Section 21. If you have a claim, insurance can decide the fate of your business.
For instance, did you know that basic policies won't pay to fully rebuild a grandfathered building? Code upgrades -- a sprinkler system, for example -- would be at your expense absent special coverage not automatically included on a standard policy. Are you prepared for any disaster? Whether it's a fire or a lawsuit, you need insurance to protect your assets.
This presentation provides an overview of special considerations that owners familiar with only single family insurance won't know. We will cover basic and advanced considerations:
- Personal vs commercial lines insurance.
- Valuations
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- Replacement Cost.
- Actual Cash Value.
- Co-Insurance.
- Agreed Amount.
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- Ordinance or Law Coverage.
- Risk management strategies
- Deductible structure.
- Hiring a contractor.
- Protective safeguards.
Become better prepared to evaluate your existing policies and protect your business going forward.
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