What insurance does an owner have to carry for a NNN property?
sorry…for those who do not know;
NNN stands for “triple net lease.” Basically a triple net lease property is one where the tenant pays the expenses normally covered by the landlord. These would be taxes, insurance, maint. etc. However, the landlord is still responsible for the structure or shell (roof and outer walls) and sometimes CAM (common area maint.).
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what’s an NNN property?
No idea what a NNN property is . . .
very little insurance is mandatory by law – usually just workers comp and auto. A lot more insurance is mandatory by contract – no one will lend you money or do business with you, without it, depending on the type of business.
Even though it is an “NNN” property, you still need the basic landlord insurance. Landlord insurance covers the structure. The tenants would need to get their own renters policy. You may want to try a website that compares multiple companies at once to get you the best price. I am paying less than ½ after I did.
Go to: http://www.insureme.com/landing.aspx?Refby=616162&Type=home
Take care,
Casey