Real Estate Insurance protects you in the event of physical damage to your commercial or residential property caused by fire, water, and/or other natural weather-related perils. There are also a variety of complimentary, but necessary, coverages to real estate insurance that property owners should consider for additional protection including:
- Machinery or Equipment Breakdown Insurance – provides coverage on the property owner’s electrical appliances and systems in the event of a mechanical breakdown or explosion.
- Loss of Rental Income – provides property owner with reimbursement for lost rental income when physical damage to the property has forced a tenant to vacate the premises for an extended period of time.
- Liability Insurance – protects property owner in the event of a third party filing a lawsuit because of a bodily injury or property damage loss experienced as a result of the real estate owner’s physical premises. The most common example of this is a slip and fall claim.