Our specialty
Lessors Risk Insurance in Arizona
Coverage for property owners who lease space to others, from a single rental to a portfolio of commercial buildings, including the properties standard markets turn away.
What is lessors risk insurance?
Lessors risk insurance (sometimes called LRO, for "lessors risk only") is commercial insurance for property owners who lease their building or space to tenants. It typically combines coverage for the building, liability protection for your role as landlord, and loss of rents if a covered claim disrupts the income the property produces.
Property risks are not always simple. Whether you own a single rental property, a small commercial building, a mixed-use property, a vacant building, or a harder-to-place location, BrokerPro helps property owners find realistic coverage options.
Who needs it
If you own property and someone else occupies it, lessors risk (or its residential cousin, landlord insurance) is the coverage built for you. That includes:
- Owners of leased commercial buildings, from a single suite to a whole center
- Investors holding multifamily or mixed-use properties
- Owners of buildings sitting vacant between tenants or during repositioning
- Family LLCs and partnerships holding inherited property
- Out-of-state owners with Arizona buildings
- Owners whose current carrier non-renewed and need a new home for the risk
Common property owner risks
- Tenant, customer, and visitor injuries on the premises
- Fire, storm, and water damage to the building
- Lost rental income while damage is repaired
- Aging systems: roofs, electrical panels, plumbing, HVAC
- Tenant operations that change your risk without you knowing
- Code upgrade costs when older buildings need rebuilding
- Liability claims arising from common areas and parking
What a lessors risk program commonly includes
General liability
Your liability as property owner for injuries and damage on the premises.
Building coverage
The structure itself, against fire, wind, and other covered perils.
Business personal property
Owner-supplied equipment and contents, where applicable.
Loss of rents / business income
Replaces rental income while a covered loss is repaired.
Equipment breakdown
HVAC, electrical panels, and building systems failures.
Ordinance or law
Code-required upgrades when rebuilding an older structure.
Umbrella / excess liability
Higher limits over the property program.
Coverage varies by policy and carrier. We'll show you what each quote includes and what it leaves out, before you choose.
Property types we work with
Why some properties are hard to place
Carriers decline properties for reasons that range from sensible to frustrating: older roofs and electrical systems, vacancy, certain tenant types (bars, automotive, smoke shops), prior claims, limited fire protection, or simply a property class the carrier decided to exit that year. A declination says something about the carrier's appetite, not necessarily about your building.
When standard markets pass, we work the surplus lines market, where carriers price unusual risks instead of refusing them. The coverage terms differ, and we go through those differences with you honestly: what's covered, what's excluded, what it costs, and what changes would open up better options at renewal.
We won't pretend every risk can be placed. What we can do is explore the available options, explain the tradeoffs clearly, and give you a realistic picture to decide from.
Read: What makes a property hard to place?Landlord insurance vs. commercial property vs. lessors risk
These three overlap, and owners often arrive with the wrong one. The short version:
Landlord insurance
A personal lines policy (dwelling fire / DP-3) for residential rentals: single-family homes, condos, small residential properties held personally or in simple LLCs.
Landlord insurance →Commercial property
Covers buildings and business property generally, including owner-occupied buildings where your own business is the tenant.
Commercial property →Lessors risk
Commercial coverage specifically for owners who lease to others: the building, your landlord liability, and the rental income, underwritten around your tenants' operations.
Not sure which fits? That's a normal question, and the answer sometimes surprises owners. Tell us about the property and we'll sort it out.
How BrokerPro helps you compare options
Tell us about the property
Address, occupancy, tenants, building age and updates, and any claims. A few minutes of detail makes the difference between guesses and real quotes.
We build the submission
We package the property's story for underwriters, answering the questions that usually cause delays before they get asked.
We shop standard and specialty markets
Multiple carriers, including surplus lines when the risk calls for it. You see the realistic options, not just one company's answer.
You choose with clear tradeoffs
We walk through what each option covers, excludes, and costs, in plain English. Then we bind, issue documents, and stay reachable.
Lessors risk questions
What is lessors risk insurance?
Lessors risk only (LRO) insurance is commercial coverage for property owners who lease space to tenants. It combines property coverage for the building with liability coverage for your role as landlord, and usually includes loss of rents if a covered claim interrupts tenant income.
How is lessors risk different from landlord insurance?
Landlord (dwelling fire) policies are personal lines products built for residential rentals like single-family homes. Lessors risk is a commercial product built for commercial buildings, multifamily, mixed-use, and larger or more complex properties. The right form depends on the property and how it is owned.
Can BrokerPro help with hard-to-place commercial property?
Yes, this is a core specialty. We work with surplus lines and specialty markets for properties that standard carriers decline: vacant buildings, older construction, unusual tenants, prior claims, and limited fire protection. We cannot promise every risk can be placed, but we can usually find options worth comparing and explain the tradeoffs clearly.
What does lessors risk insurance cost?
It depends on construction, age, occupancy, tenant operations, location, fire protection, and claims history. A well-maintained office building and a partially vacant building with a bar tenant price very differently. The fastest path to a real number is sending us the property details.
Do I need lessors risk coverage if my tenants have their own insurance?
Yes. Tenant policies cover the tenant's operations and contents, not your building or your liability as owner. Tenant insurance requirements in your leases are an important risk tool, but they complement your coverage rather than replace it.
My building is partially vacant. Can it still be insured?
Usually, but it needs to be placed correctly. Many standard policies restrict coverage once a building passes a vacancy threshold. There are markets and endorsements designed for vacant and partially vacant buildings. The key is disclosing the real occupancy so the policy actually works at claim time.
Property owners on working with BrokerPro
Excerpts from Google reviews of BrokerPro Insurance.
"I needed unique insurance for a unique situation. Lee Benson was so spot on. He knew how to get the right coverage."
"Lee was very responsive and understanding of our specific needs. He found us the best quote and did it fast. Would highly recommend!"
"Lee ran insurance quotes for my real estate portfolio of rentals and saved me thousands of dollars in premium each year. He was attentive, accurate and a pleasure to work with."
Have a property to insure?
Straightforward or stubborn, send it over. We'll tell you what we see and what your realistic options are.