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Insurance
Property Owners' Insurance
Property Owners’ insurance, also known as Landlord Insurance, is a comprehensive insurance coverage specifically designed for individuals or companies who own and rent out multiple residential or commercial properties. It provides protection against various risks and liabilities associated with property ownership and rental activities.
Here are the key aspects of a Property Owners insurance policy
Buildings Insurance
This coverage protects the physical structure of your properties, including the buildings themselves, fixtures and permanent fittings. It typically covers damages caused by fire, storms, vandalism, theft and other specified perils.
Property Owners' Liability Insurance
This coverage protects you against legal liabilities if your tenants or the public suffer any sort of property damage or bodily injury whilst at your property. It can cover medical expenses, legal fees and settlements or judgments resulting from lawsuits.
Business Interruption Insurance
In the event of insured damage to your properties that renders them uninhabitable, this coverage provides compensation for the loss of rental income during the period of repair or rebuilding or the cost of providing alternative accommodation to your tenants.
Terrorism Insurance
Typically, property insurance provides coverage against a fixed set of perils and excludes any loss or damage by terrorism. This coverage allows you to extend your perils and protects your properties if they are damaged as a result of a terrorist act.
Rent Guarantee Insurance
This coverage covers the costs of legal defence, including legal fees and other associated expenses, for disputes related to your rental properties.
Legal Expenses Insurance
This coverage covers the costs of legal defence, including legal fees and other associated expenses, for disputes related to your rental properties.
Employers' Liability Insurance
If you employ staff to manage or maintain your rental properties, this coverage is designed to cover compensation claims and legal fees if an employee sues for injury caused by your negligence whilst they were at work.
