Do you own commercial real estate in Las Vegas or any other city in Nevada? Do you rent that property to others? If so, you need Nevada commercial landlord insurance. The experts at Safeguard Insurance have been providing insurance for commercial property owners since 1998. We understand the coverage you need to protect your investment in Nevada real estate.
When shopping for Nevada commercial landlord insurance, keep the following questions in mind:
- Has your agent reviewed your building coverage limits to ensure they are adequate?
- Does your current policy provide ordinance or law coverage for the full value of the building?
- Would your policy provide for your lost rental income caused by a covered loss?
- Do you have adequate general liability coverage for an injury that occurs on your property?
At Safeguard Insurance we take the time to carefully evaluate the coverage needs of our Nevada landlords. Business insurance is never a one-size-fits-all proposition. Commercial real estate is a substantial investment – one that deserves an experienced insurance agent that understands how to write Nevada commercial landlord insurance.
When you contact us for a landlord insurance quote, we will carefully review the building construction features, size, and other factors. To ensure we have adequate building coverage we provide a reconstruction/replacement cost estimate using Marshall/Swift software. In the event of a total loss, we do our best to make sure your building coverage limit is sufficient.
Your lease verbiage may have an abatement clause that allows tenants to terminate the lease and vacate if the property suffers substantial damage. To protect your income stream from the property, it is critically important your landlord insurance have adequate loss of income coverage. We prefer a policy with “actual loss sustained” coverage. That means there is no specific dollar limit applicable to the lost rental income. Instead, the policy only limits the coverage to a period of time, such as 12, 18 or 24 months.
Ordinance or law coverage is often overlooked by agents and landlords alike. That is unfortunate because this is a critically important coverage. Ordinance or law coverage has 3 components. Coverage A deals with coverage for the undamaged portion of the building. For example, you may have a local ordinance that requires a building damaged beyond a certain point – say 75% – must be completely razed and reconstructed. A typical commercial property insurance policy provides coverage only for the damaged part of the building. Ordinance or law coverage A would pay for the undamaged part of the building that must be torn down because of a local law or ordinance. Coverage B provides for the cost to demolish and remove the undamaged portion of the building. Coverage C pays for increased cost of construction due to changes in building codes. Coverage C is critically important for older buildings that likely do not meet modern building codes.
Lastly, make sure you have general liability coverage that protects you in the event of an injury on the premises. Your tenants should carry primary coverage and name you as additional insured. However, do not rely on the tenant’s general liability coverage alone. Your tenant may inadvertently let their coverage expire. Or, they may not have limits that adequately address an injury that occurs on their leased premises. Commercial landlords should consider the type of tenants, the exposure that visitors the property have (such as the hazardous activities of tenants). We recommend a coverage limit no less than $1M per occurrence and $2M in the aggregate. An umbrella or excess policy is also a great idea and can provide an additional $1M to $10M of liability coverage, for a relatively low price.
Get a quote for Nevada Commercial Landlord Insurance
Nevada commercial landlord insurance, or lessors risk insurance, requires the help of an insurance agency that has the experience to find the right coverage, at the right price. Safeguard Insurance has been working with commercial property owners for over 15 years. Let us provide you with a no-obligation quote or a free policy review today!