As a Property Owner, you are responsible for ensuring that your premise does not endanger your tenants or members of the public. Property Owner’s Insurance provides critical protection for residential and commercial landlords.
Setting the limit of indemnity for your property owners liability insurance is extremely important as you will become personally liable for any claim in excess of your chosen limit.
A combined Property Owner’s Insurance policy will include multiple sections of insurance over and provide complete protection for your buildings, contents, loss of rent, as well as your legal liability as a landlord or property owner.
Loss of rent can be insured with an indemnity period of up to 24 months.
Any tenant with commercial operations at the insured address will be required to hold their own separate insurance. If you have contracted people to maintain your property, such as a cleaners or gardeners, you should ensure that they have their own liability cover in place before any work is carried out on your behalf.
Your insurance cost will be proportionate to the property reinstatement value, age, location, annual rent insured, liability limit, as well as the type of occupancy, or business activities of your tenants. Risk reduction measures such as CCTV installations and maintenance contracts can have a positive impact on your premium.