Lessor insurance is a financial product that protects owners of buildings that lease space for retail, warehousing, office or personal use, according to the Houston Chronicle.Know More
Lessor's risk insurance protects the owner of rental property from lawsuits and other forms of damage, reports Owen Pearson in an article on the Houston Chronicle's website. Real estate owners benefit from a lessor insurance policy by shielding themselves from legal action by their lessees or by a client of a lessee who experiences any type of physical or property damage while in the owner's space.
This form of insurance enables its policy holders to choose coverage criteria that determine the maximum amount the insurer will be obligated for in a single case. Once this maximum amount has been reached, the policy holder is responsible for the remaining amount. It is important to note that providers of lessor insurance do not work directly with customers. Instead, a customer works with a broker or agent who specializes in this type of insurance vehicle. In addition, to be eligible for such a policy, a candidate usually must lease out an entire building or occupy no more than 25 percent of a designated space for his personal or business use, Pearson said.Learn more about Insurance
People who need flood insurance for property at risk from flood can find a local agent by searching the database for the National Flood Insurance Program, found at flood.gov. The program was set up to protect homeowners who lived in areas at risk of flooding as the result of hurricanes, tropical storms and heavy rains.Full Answer >
Insurance is important because it protects a person or entity from extreme financial loss or responsibility due to an unfortunate emergency, accident or negative unforeseen event. There are many different kinds of insurance, some of which cover a person and some of which cover businesses and other entities.Full Answer >
An insurance deductible is the amount a covered person pays on covered events before insurance benefit payments kick in, according to HealthCare.gov. If a person has a $250 deductible on hospital services, that person pays the first $250 on related bills before insurance pays its portion.Full Answer >
Insurance policies often go unclaimed because of lack of prior communication between the beneficiary and the claim owner, misplaced forms and other misunderstandings that lead to the beneficiary remaining ignorant of the money owed. Some state investigations have also revealed that often insurance companies make little effort to contact beneficiaries.Full Answer >