Tenant Improvements and Betterment
Tenant Improvement and Betterment Insurance
One of the questions we frequently receive from our law firm clients is properly insuring property inside a leased location. Many firms have to put significant investments into leased property so they can make them ready. We will then frequently be asked how you insure the build out done on the property.
Tenant Improvements Coverage
Did you know that if a space you are leasing were to burn to the ground that your law firm technically wouldn’t receive a reimbursement for the permanent fixtures and construction you performed? The build-out is considered part of the building, and you do not own any part of the building.
This is why tenant improvement and betterment can be significant to a law firm. Tenant improvements and betterments insurance coverage will provide your firm with coverage for the property that you installed when moving into a leased location. This can include walls, partitions, fixtures, and even wiring or heating and air conditioning units.
How Much Does it Cost?
The cost of tenant improvement and betterments insurance coverage is quite cheap. Instead of using the more costly rate associated with business personal property, insurance companies will usually use the less expensive building rate to add coverage.
For any firm that has chosen to lease its space, we highly recommend that you add tenant improvements and betterments insurance coverage. If you have any questions about adding this coverage or would like us to provide you with a quote, please don’t hesitate to call our office.