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WHAT IS LESSOR'S RISK ONLY (LRO) INSURANCE?
For owners of leased commercial properties like apartment buildings, retail complexes or warehouses, lessor’s risk only insurance is a must-have when it comes to protecting your investment.
Commonly referred to as landlord or LRO insurance, lessor’s risk covers you in the event that one of your tenants sues you for property damage or injuries sustained while on your premises. It is often bundled into a comprehensive insurance package that includes general liability and commercial property insurance but is its own distinct form of coverage. Let’s talk in more detail.
What does lessor’s risk only insurance cover?
Perhaps a tenant slips and falls on a freshly frozen walkway, resulting in a broken arm, or a business fire leaves several of your retail units unusable. Lessor’s risk only coverage would pay for medical bills, space renovations and/or legal fees related to tenant-occupied spaces if they sued you.
Other common risks typically covered by lessor’s risk only policies include:
Lessor’s risk only insurance can be confusing for new property owners, but don’t let that deter you from securing this essential form of coverage. Jana Baker can help tailor a policy for your property that protects your investment.
For owners of leased commercial properties like apartment buildings, retail complexes or warehouses, lessor’s risk only insurance is a must-have when it comes to protecting your investment.
Commonly referred to as landlord or LRO insurance, lessor’s risk covers you in the event that one of your tenants sues you for property damage or injuries sustained while on your premises. It is often bundled into a comprehensive insurance package that includes general liability and commercial property insurance but is its own distinct form of coverage. Let’s talk in more detail.
What does lessor’s risk only insurance cover?
Perhaps a tenant slips and falls on a freshly frozen walkway, resulting in a broken arm, or a business fire leaves several of your retail units unusable. Lessor’s risk only coverage would pay for medical bills, space renovations and/or legal fees related to tenant-occupied spaces if they sued you.
Other common risks typically covered by lessor’s risk only policies include:
- Weather damage.
- Smoke damage.
- Vandalism.
- Theft.
- Water-related damages (such as from burst pipes or sewer backups).
- Automobile impacts on the property.
Lessor’s risk only insurance can be confusing for new property owners, but don’t let that deter you from securing this essential form of coverage. Jana Baker can help tailor a policy for your property that protects your investment.
