What is Commercial Rent Default Insurance & what does it cover?
Commercial Rent Default Insurance is designed to protect Commercial Landlords for loss of rent in the event of a tenant defaulting on their lease obligations. This type of cover is specifically designed to not only protect your income, but to also provide protection for any legal expenses you may incur.
By taking this type of insurance, you will be covered for various events, such as:
This type of cover is designed to give Commercial Landlords an easier method of controlling their business. It will protect and cover you until there is a new tenant or the lease agreement expires. In addition you can take out cover for damage created by the tenant is insured as well as any consequential loss of rent.
Which insurers cover Commercial Rent Default Insurance?
In some cases, a Commercial Rent Default Insurance policy may be hard to find due to the tenant situation, their occupation, the construction and age of the property, or another underwriting decision. Thus, you may find that the market for commercial rent default insurance is unmistakably pricey and limited.
This is where insurance brokers from our office can assist you. If you are in a position where finding the right insurer is becoming an issue, consulting a broker who has access to all the latest Commercial Rent Default insurance information and who will work to find a suitable and affordable policy for you is the better decision. At Brokers National, there are many ways Rent Default cover is provided. Our insurers can include Rent Default insurance into an existing property policy.
Talking to our office
Brokers National Insurance is a part of the Steadfast Group community. At our brokerage, experience, professional insurance brokers aim to generate reliable, suitable and affordable policies between our underwriters and clients. By talking to the brokers in our office about your Commercial Rent Default Insurance, they can save you the headache.
Terms and Conditions
When getting Commercial rental default insurance, it is important you have read and understood the terms and conditions and all the information you have provided on the application form is to the best of your knowledge, as well as theirs. If you do not tell the insurer details they do require covering you, they have the obligation to cancel your agreement with them, reduce or even decline the amount they have agreed to pay you if you make a claim.
Successful property investment is all about risk management. As a landlord you want to do everything in your power to increase the chances of hanging on to your good tenants so you can maximise your profits. You also want to do everything in your power to reduce the risk of bad tenants costing you money.
What happens, if despite everything you have done to prevent it, you find yourself in a situation where the tenant is gone, the rent is unpaid, and the bills are mounting up? Commercial rent default is your answer!