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  • Commercial Home Insurance 101 In O’Fallon, IL.

    May 3, 2021 | Blog
  • What Is It?

    Are you protected from damages to your commercial building? Are you curious about what commercial home insurance is and if you need it? We can give you all the information you need and let you know if you qualify for this type of insurance, what it covers, and other things you may benefit from as a landlord.

    home insurance

    Landlord Insurance is another name for commercial home insurance. This insurance is usually best fitted for a landlord who rents out apartments. Hence, it is known as landlord insurance that can cover real estate with residential housing.

    What Does It Cover?

    We briefly mentioned the main idea of landlord insurance, but how do you know what all this insurance covers? The building structure and other detached structures are the most common pieces of property covered by these policies. Not only this, but it all helps with liability protection. What this means is if somebody were to get hurt on their property, they could cover the expenses with liability protection, whether that be medical or legal. Another thing that this can cover is stolen property or damaged property.

    It is important to note that most landlord insurance policies do not cover the tenants, and tenants are usually required to get their insurance coverage. Unfortunately, it is not an option and not a landlord’s responsibility to buy insurance for their tenants. They already have to purchase insurance for the building itself and other property belonging to the building if necessary.

    How Do I Qualify?

    home insurance

    All this information is excellent knowledge, but it is also crucial to know how to qualify and qualify. To be an essential qualifier for landlord insurance, you have to own property that you do not live in. These would be apartments or rented housing. If you happen to be renting the home you live out of it would be beneficial to look into protection policies.

    In most general words, if you are a commercial building owner, the protection that landlord insurance gives you is essential. However, if you struggle on any part of the process and curious if you need extra protection, contact our Klein-Merwin-Karrer and Associates O’Fallon, Illinois office for any insurance advice.