Simply Explaining Insurance # 59- Tenants Improvements and Betterments
If you run a business, lease space and did a buildout, there is a specific way to make sure that buildout is covered. It all comes down to how it is dictated in the lease. If you did a buildout, who owns the buildout? It depends. The lease SHOULD tell you if the buildout is owned by the building owner upon completion, or upon termination your lease.
If the building owner doesn’t own the buildout until you vacate the space, you are responsible for covering it. There is a coverage called Tenants Improvements and Betterments that you can most likely add to your current general liability policy, OR you can purchase a standalone policy.
The cost of the buildout should be the amount of coverage you need. So if you did a $75,000 buildout, you would want to add $75,000 worth of Tenants Improvement and Betterments (TIB).
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