Some small business owners learning as they go

Habitational insurance is smart protection in the real estate business

Picture a couple that has dreamed of owning their own bed and breakfast. They spent months scouting out the perfect location, weeks repurposing the property and decorating rooms, time spent hiring staff and money paid to lawyers writing up contracts.

But have they thought of everything? Habitational insurance is one policy owners of apartments, condos, and other commercial and multi-unit dwellings should be sure to investigate.

Having the appropriate level of habitational insurance could mean the difference between an owner, the property and the residents being fully protected or not in the case of a disaster or problem.

Because properties that house seniors, students and other residents have unique risks, insurance companies offer habitational insurance packages designed to meet the needs of the property owners and address general liability associated with their specific building.

Owners of commercial residential properties and property managers should speak with their insurance company about what kind of plan is right for their situation. Many insurance companies have specialists dealing specifically with habitational policies.

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Posted: June 18, 2009

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