Statistics released over recent years suggests that the home rental market has seen a huge boost. If you own a rental property, then you must take the steps necessary to protect your investment. Commercial real estate like multi-family homes don’t fall under traditional insurance coverage. To avoid a worst-case scenario, take a closer look at your options with habitational insurance programs.
Reviewing the Details of Commercial Coverage
Just as a standard homeowners’ policy aims to cover the risks presented to a residential property, habitational coverage is structured to provide similar protections for rental properties like condos and apartment complexes. However, this policy also accounts for the commercial aspect of the real estate. This essentially means that habitational policies are a unique blend of business insurance and homeowners’ coverage.
Understanding Your Options With Habitational Insurance Programs
When you own a rental property, you need some type of insurance coverage to protect your real estate and your tenants. This policy usually includes general liability coverage, as well as options for storm damage, vandalism, and equipment breakdowns. To determine how much coverage you will require, you must first assess your risks and see where your biggest threats are.
While it is true that the world of commercial real estate is booming, investors must always take precautions to protect their properties. Learn more about habitational policies to find insurance that exceeds your expectations.