If you own a rental property, it’s important to have insurance that protects you against liability, injuries, and damages. Whether you own a large apartment building with hundreds of tenants or rent out a single-family home, you need to have the assurance that you are protected.

What is Habitational Insurance?

Habitational insurance is a wise choice if you own commercial residential property. Not only are you responsible for the property, but for the people who live there as well. This insurance policy combines the features of home insurance and business insurance. It provides liability coverage if a tenant is injured, and it will cover your business against losses from fire, storms, theft, and vandalism.

Habitational insurance carriers provide different types of coverage. General liability insurance typically covers the costs involved in tenants’ injuries on the property, including medical and legal fees. You can also choose a comprehensive package that includes the property itself, as well as general liability and environmental liability. Some policies start with standard coverage that allows you to add items that best meet the specific needs of your business. For example, you can request coverage for loss of rental income in the event of a disaster.

With habitational insurance, you can not only keep your property protected but also keep your business safe from liability.