Property Owners Insurance

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A guide to property owners’ insurance

If you own a property which is rented to a commercial or residential tenant, you have a responsibility to maintain the property. This means ensuring the property is safe and will not put visitors to the property at risk. As a landlord you can take every step to minimise potential risks, but accidents do happen.

If a third party is injured, sick or has their property damaged as a result of an issue with your property, they could be eligible to make a claim against you. However, property owner’s liability insurance is available to cover compensation claims and legal costs associated with the claim.

What is property owner’s insurance for landlords?

Insurance for rental property owners is available to cover potential claims from your tenants, visitors to the property and members of the public. If an individual is injured while on the premises, they could have the right to make a claim against you. In addition to insurance for the actual building, you should consider insurance for the area surrounding the property

For example, a member of the public could be harmed by a falling roof tile during a storm. Whether the property is let to a commercial or residential tenant, there is both commercial property insurance and residential property insurance available. If an individual is badly injured as a result of your property, having adequate property owner’s public liability insurance will save you a large sum of money

Without an insurance policy, you would have to pay legal fees, compensation costs and medical charges. In addition to property owner’s liability policies, there are other forms of insurance available to landlords. For example, buildings insurance which will protect the structure of the building against damage. There is also loss of rent cover, which will provide payments for any periods of lost income, following damage to the building.

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Do I need property owner’s liability insurance?

Property owner’s liability cover is essential for all landlords and property owners. Whether they own a house, apartment, office or block of flats. An insurance policy will guarantee that you are protected from any unexpected claims. If a tenant or member of the public makes a claim against you as the landlord, the fees and damages will be paid for by the insurer.

Before you purchase a policy, you should check exactly what is covered within your existing business insurance policy. In some cases, public liability insurance extends to protecting your building against claims made by the public. Although some insurers include property owner’s liability within their business insurance, many class the cover as a standalone policy.

How do I find the best property owners liability insurance quote?

We can help you find the best commercial property owners insurance quotes, in one quick place. Our team understand that every property owner will require a policy which is tailored to their requirements. This is why we have created our simple online form, which will help us get to know more about your needs.

We have partnered with many leading insurers, so that you benefit from the most competitive deals for your property owner’s insurance. Our team will arrange quotes on your behalf, which you can then compare. Once you have found the best premium available, you can purchase the policy directly through our website.

Here at BusinessComparison, our aim is to help you find the cheapest options for your business. Our dedicated team can help you with a variety of business products, including comparing loans and business utilities. To find out more about the various insurance policies you may require for your property, please contact our team today.

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Frequently Asked Questions About Property Owners’ Insurance

Who needs Property Owners’ Insurance?

This type of insurance is specialist cover designed for landlords, buy-to-let investors, and commercial property investors. It replaces standard home insurance, which is not valid for properties rented out to tenants.

It is particularly suitable for property investors who may need to cover multiple properties (a portfolio) under a single policy, simplifying administration and often providing cost efficiencies compared to insuring each property separately.

What typical scenarios does Property Owners’ Insurance cover?

A comprehensive policy is designed to protect both the physical investment and the associated business risks of letting property. Key areas of cover include:

• Building Damage: Repair or rebuild costs following insured perils, such as fire, flood, storm, or subsidence.

• Property Owners Liability (Landlord Liability): Financial protection if a tenant or visitor is injured or their property is damaged due to a fault with your property.

• Loss of Rent: Compensates you for lost rental income if the property becomes uninhabitable and your tenants are forced to vacate.

• Landlord's Contents: Covers household items you provide, such as furniture, appliances, or carpets.

Does Property Owners’ Insurance cover damage caused by tenants?

Standard accidental damage to the building or contents is often included or available as an add-on. Crucially, many property owners' insurance quotes offer an option to include Malicious Damage by Tenants, which protects you against intentional damage or vandalism caused by your occupants.

How do I get Property Owners Insurance quotes?

The best approach is to seek multi-property landlord insurance. Insuring your entire portfolio (typically defined as five or more properties) under a single policy, with a unified renewal date, can often result in discounts and a significant reduction in administrative hassle. Ensure your policy covers the full rebuild cost of each property.