Everyone knows that it is smart to insure their homes, and everyone knows it is wise to insure their businesses. What about someone who has a building that serves as both a home and a business? Landlords sometimes only have home insurance on their rental properties, but it is always best to commercial property insurance, which should cover you in many more situations than just home owners insurance. While the home could experience all the same damages as any other home—natural disasters and theft, for example—as a business, you should also think about protecting your property (and your future income) from your tenants.
Many commercial property insurance policies will cover you from damages that your tenants could cause, even ones that are not necessarily visible. For example, you could get protection from a tenant who vacates early. After all, another tenant can’t always be found quickly, and any time where you don’t have anyone staying on your property is money lost. If a tenant damages the property, especially when what they were doing at the time was inappropriate, then you can often be covered for those costs as well. You could also get money for anything a tenant steals that you have to replace or would have increased the value of the property, or for any lawsuits involving tenants or property, or for many other things that come along that cause you to lose money.