You can protect a structure with a form of insurance known as Building Insurance.
This cover keeps you safe in case of damage.
Your policy form will vary according to the amount of risk the insurance company sees you structure to pose.
You can use Building Insurance to cover rental and commercial properties.
Also, depending on the kind of business conducted, you may also be able to insure office buildings.
Building Insurance may or may not be an option for you as a building owner.
Nevertheless, it is prudent of you take out Building Coverage since it can protect your financial investment in case of fire and other damage.
You will also probably carry some sort of Contents Insurance.
A dwelling policy can actually include contents coverage.
On the other hand, you may opt for separate coverage for people who are renting from you and have no other interest in the property.
Those who rent will most likely have a Renter's Policy, covering the contents, and of course, liability on the premises.
There are limits to which building cover is subjected to.
For instance, the total cost of rebuilding a property that has been completely destroyed will determine the dwelling limits.
You can easily contact a contractor to get an estimate after supplying the square footage.
It is crucial for renters and building owners to take this form of protection seriously.
In the very least, insurance gives you the piece of mind that you are covered in case a claim has to be filed.