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Thread: Building Insurance

  1. #1
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    Default Building Insurance

    Is it legal to buy property insurance for a building I don't own? My landlord for my office building is wanting me to get insurance for the building. I understand getting liability insurance that would cover if I did something wrong. But my insurance paying if a lighting bolt hits the building?

    Doesn't make any sense to me. It would be like me building a home policy for someone else's house. Or buying life insurance on some stranger's life.



  2. #2
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    Yes, it's legal and it's common.

    It generally occurs when you are leasing the entire building and the lease holds you 100% responsible for anything and everything that happens to the building and requires you to buy insurance on it with the landlord as an additional insured.

  3. #3
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    Have you never heard of a triple net lease. A lease in which the lessee pays rent to the lessor, as well as all taxes, insurance, and maintenance expenses that arise from the use of the property. Such lease are very common.

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    ya, it is legal, but there are so many parts to do illegal work. So better to be careful.

  5. #5
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    Quote Originally Posted by scottstorick View Post
    ya, it is legal, but there are so many parts to do illegal work. So better to be careful.
    Now what does that mean???????????

  6. #6
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    Yes it is legal and it is very common in companies. But you should be very careful because there are lots of areas where illegal work can be done.

  7. #7
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    Hi,
    You must have an insurable interest, if the lessor has made the property your responsibility in the terms of the lease, then you have an interest in the property and are thus able to insure it.
    Phoenix Homes for Sale
    Last edited by Braxton; 08-19-2011 at 08:35 PM.

  8. #8
    Senior Member Level 1 marindependent's Avatar
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    Quote Originally Posted by scottstorick View Post
    ya, it is legal, but there are so many parts to do illegal work. So better to be careful.
    What does that mean exactly?
    Scott W Johnson
    Whole Vs Term Life Insurance
    415-294-5454 CA LIC 0K10734

  9. #9
    Senior Member Level 1 marindependent's Avatar
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    Quote Originally Posted by xrac View Post
    Now what does that mean???????????
    I could not agree more xrac
    Scott W Johnson
    Whole Vs Term Life Insurance
    415-294-5454 CA LIC 0K10734

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