One of the questions we frequently receive from our charter school clients concerns properly insuring property inside a leased location. Many charter schools have to make significant investments in leased property to make it school-ready. We will then frequently be asked about how you insure the build-out done on the property.

Tenant Improvements & Betterments Insurance Coverage

Did you know that if a space you are leasing were to burn to the ground, your charter school wouldn’t receive reimbursement for the permanent fixtures and construction you performed?   That’s because the build-out is considered part of the building, and you do not own any part of the building.

Tenant improvements and better insurance coverage can be crucial to a charter school. Tenant improvements and betterment insurance coverage will provide your charter school with coverage for the property that you installed when moving into a leased location. This can include walls, partitions, fixtures, and even wiring, heating, and air conditioning units.

How Much Does it Cost?

The cost of tenant improvement and betterment insurance coverage is relatively cheap.   Instead of using the more costly rate associated with business personal property, insurance companies usually use the less expensive building rate to add coverage.

For any charter school that has chosen to lease its space, we highly recommend that you add tenant improvements and betterment insurance coverage.   If you have any questions about adding this coverage or want us to provide a quote, please don’t hesitate to call our office.