Obvious but important — you have to cover the building — the physical structure, improvements made, equipment used to service the building.
Did You Know?
Should my tenant carry renters insurance? If so, how much?
YES you should recommend that your tenant purchase renters insurance to provide them with coverage for their own personal belongings and it will include personal liability. This is recommended so that if the tenant is negligent and causes bodily injury or property damage — they are protected.
Is there anything I can do for missing rental income from a fire?
Rental Income Coverage or Business Income Coverage provides funds to cover loss of rents/income following a covered loss. Let’s say you have a fire in your building and three of your tenants move out due to the units being damaged and uninhabitable. You still will have bills coming in and your mortgage needs to be paid. Rental Income Coverage will keep that income coming in while you make repairs to the damaged units.
The circuit breaker you have matters:
Federal Pacific Stab Lok circuit breaker boxes are not good. The company that produced them falsified their UL ratings and these boxes are known fire hazards. Federal Pacific was subject to a class-action lawsuit and they are no longer in business.