Property Owners Insurance, provides comprehensive coverage for the physical structure of the building, safeguarding it against various risks such as escape of water, flood, fire, vandalism, and theft. This includes essential components like walls, footpaths, private garages, and permanent fixtures and fittings.
By protecting these vital elements, buildings insurance ensures that owners are financially protected from potential damages and can maintain the integrity of their property.
A good quality property owners policy will include the following cover.
Accidental damage – Unexpected physical damage, caused suddenly to the building.
Loss of rent – Loss of rent covers financial loss following your rental property becoming uninhabitable after an insured event or
Alternative accommodation – covering the costs for your tenants due to your property becoming uninhabitable after an insured event e.g., flood, fire etc.
Non-Invalidation – giving you assurance that if a Third Party (e.g., the Managing Agent or Tenant), does something that could invalidate the policy, for example breaching the terms of the lease, and you were unaware of this “error”, cover would not be affected.
This works on the provision that as soon as you become aware of the situation, you must advise the insurer immediately.
Property Owners’ Liability Insurance – Protects landlords and property owners in respect of claims made against them in respect of their legal liability for personal injury or property damage suffered by third parties and arising from the policyholder’s ownership of the property.
Commercial property owners’ insurance, also known as commercial landlord insurance, is designed to offer specialist protection for landlords letting out buildings to third parties for commercial use.
Typically, a commercial or business policy will cover the property against loss of damage caused by fire and a range of perils such as lightning, storm, flood, malicious damage etc.
We can also arrange cover to include theft damage to buildings as well as accidental damage and subsidence.
Unoccupied property owners insurance covers properties that are vacant for an extended period of time, thereby placing it outside insurers standard level of cover. This could be during the period between obtaining planning permission and a renovation project, the sale of the property or probate.
If the property is vacant for a period of time, this increases the chances of theft or malicious damage, and losses associated with damage from natural elements such as storms or floods.
As there is no one immediately on hand to tackle repairs quickly, the damage caused can often be worse.