Rental Property Insurance in Pomona, CA

Owning and renting out commercial properties can be a lucrative but complicated business venture. Providing companies with space to conduct their operations is essential to your local community and the broader economy. However, doing so also requires consideration of significant risks and exposures. As a commercial landlord, you must account for many potential incidents that could incur substantial fiscal repercussions. Understanding your rental property insurance needs is essential.

What Types of Insurance Do I Need for Rental Properties?

When renting commercial space to tenants, you should secure and maintain a multifaceted coverage portfolio. Some insurers may offer commercial landlord insurance policies, which can include the following facets:

• Structural coverage, such as for fires, severe weather and criminal activity that may damage commercial properties
• Liability coverage, such as if a tenant accuses you of failing to maintain the property, resulting in their own losses or damages
• Landlord possessions coverage for losses involving items you leave on the premises, such as common area furniture and maintenance equipment
• Lost income coverage, which may offer compensation should a covered peril make a commercial property uninhabitable and therefore unable to collect rent

In addition to a commercial landlord policy, you may also need to secure other types of coverage, such as the following:

• Workers’ compensation insurance—This may be necessary if you employ staff to manage or maintain your commercial properties.
• Commercial auto insurance—These policies are typically required if you use motor vehicles for business reasons, such as to service and maintain your rentals.
• Commercial umbrella insurance—Given the significant liabilities you may face when renting to tenants, this type of policy can be critical in offering additional aid for particularly costly incidents.

How Much Is Rental Property Coverage?

Your premiums may be influenced by many factors, including the following:

• Location
• Number of properties
• Structural details (e.g., ages, materials used and square footage)
• Number of tenants
• Claims history
• Coverage limits
• Endorsements
• Deductibles

Where to Get Commercial Rental Property Insurance

Contact Beezo Insurance in Pomona, CA, today to learn more about coverage options or compare personalized quotes.