Landlord Risk Only (LRO) insurance policies are essential for property owners who lease their buildings to tenants. These policies cover specific risks, including:
- Property Damage
LRO policies cover damage to the building caused by events like fire, storms, vandalism, or other covered perils. - Liability Claims
They protect landlords from lawsuits arising from tenant or visitor injuries on the property, such as slip-and-fall incidents. - Loss of Rental Income
If the property becomes uninhabitable due to a covered loss, LRO insurance can provide compensation for lost rental income. - Tenant-Caused Damage
While tenants are responsible for their own negligence, LRO policies may step in for unintentional damages.
An LRO policy ensures that landlords are financially protected from risks that come with leasing properties.
