Lessors Risk Only Insurance in Lake Oswego, OR

Whether you operate in the residential or commercial sector, renting out space to tenants can be a lucrative but risky business pursuit. By allowing other parties to occupy your property, often without you being physically present, you may need to account for significant risks and exposures. These needs may be particularly prevalent when considering the possibility of tenants or their guests experiencing losses for which you may be blamed. Fortunately, lessors risk only (LRO) insurance can help protect your financial interests in such situations.

What Is Lessors Risk Only Insurance?

LRO insurance, also known as lessors risk insurance, can generally be considered a policy that provides a financial shield against tenants’ losses for which a landlord may be at fault. An LRO policy can generally be seen as a separate version of one of the crucial components of landlord insurance, potentially providing essential coverage for lawsuits that a tenant may file against you for alleged wrongdoing or negligence.

What Does a Lessors Risk Only Policy Cover?

Lessors risk coverage can often offer financial assistance in response to lawsuits alleging that you, as a landlord, were at fault for a tenant’s losses or damages. This may include accusations that you failed to maintain or safeguard the rental property in question adequately. A claim against a lessors risk policy may garner assistance after the following incidents:

• Bodily injuries due to failure to maintain property (e.g., damaged stairs or wet floors)

• Property damage as a result of poor maintenance (e.g., water damage caused by rusty pipes)

Who Needs Lessors Risk Coverage?

If you’re a landlord, LRO insurance should be at or near the top of your list of priorities. Regardless of your good intentions or steadfast diligence, accidents may be inevitable, and if a tenant accrues losses due to something they deem to be your fault, you may need help. Even if you are innocent of wrongdoing, you may need LRO coverage to prove it. As such, most landlords can benefit greatly from retaining this type of insurance.

Get the Right Coverage

Contact Action Insurance Company today to learn more about LRO coverage or to get a personalized quote.