There are many financial considerations that go into being a property lessor or lessee. As you embark on either process, one major consideration should be lease insurance. As you begin to look at this insurance, there are some principles to follow to help ensure all parties are financially secure and protected.
Be Prepared To Pay Upfront
It may be tempting to look for the lowest rate or the biggest discount, but always make sure you know what you're buying. Saving money at the outset may end up costing you much more if there are problems later.
Be Friendly With Your Broker
Your broker can help you save money without cutting coverage. Lease insurance is complicated and broad, and an expert can help you ensure that you have the coverage you require without paying more for extras that you don't need.
Understand Your Lease
Always thoroughly read and understand the lease. Whichever side of the table you're on, understanding what coverage is being offered is key to protecting your finances, avoiding surprises and maintaining a healthy lessor-lessee relationship.
Understanding lease insurance from either the lessor or lessee perspective can initially seem complicated. Luckily, following some basics precautionary principles can help make sure that negotiations are fair and your coverage is secure.