What Does Betterment Insurance Mean?
Betterment insurance is a type of insurance commonly carried by tenants of real property. This insurance covers losses to “betterments,” or improvements that the tenant has made to the property. For example, if a business puts brand new $3,000 glass light fixtures into the building, betterment insurance could cover these.
Insuranceopedia Explains Betterment Insurance
Betterment insurance fills a gap in standard property policies, which often do not account for betterments. Business tenants often add betterments to the property in order to help their businesses. However, residential tenants can also make betterments to the property during their tenancy and may benefit from betterment insurance if the improvements are substantial or costly.