Property Owners Insurance FAQ
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Property Owners Insurance FAQ
01. What is “Property insurance”?
02. Who is a “Property Owner” or landlord?
03. Is Property owner/ landlord insurance necessary?
04. What can be covered under property insurance?
05. What is “loss of rent” cover?
06. What is “alternate accommodation”?
07. What is “comprehensive legal expenses cover”?
08. What is property owner’s liability?
09. Do I need £1 million cover for Property owners liability?
01. What is “Property insurance”?
Property insurance covers specified property against events such as fire, storm or theft.
02. Who is a “Property Owner” or landlord?
Any individual or an entity that has a legal ownership of a property is deemed to be a property owner. But with regards to this type of insurance, the property should not be occupied by the owner.
03. Is Property owner/ landlord insurance necessary?
This is not “mandatory” (a legal requirement). However, it is an important consideration for the “property owner” or “landlord” to protect him and his tenants and is highly recommended.
04. What can be covered under property insurance?
Property insurance can insure against loss or damage caused by fire, lightning, explosion, earthquake, smoke, storm, tempest or flood, escape of water, frost damage, escape of oil, theft, attempted theft or hold-up, riot, civil commotion, strikes, labour and political disturbances, damage caused by malicious persons or vandals, impact, subsidence, landslip or ground heave of the site on which the building stands, accidental damage to any cables or underground service pipes servicing the property, accidental breakage of fixed, sanitary fixtures and ceramic hobs forming part of the property. All covers are subject to certain restrictions and exclusions.
05. What is “loss of rent” cover?
In the event of loss or damage to the property by an insured peril rendering it uninhabitable, until repairs are completed, your policy will help to meet the loss of potential rental income, up to a stated limit. You can choose what amount of cover you require.
06. What is “alternate accommodation”?
If your home is damaged to an extent that you cannot let it until repairs are done, your policy will help to meet the reasonable cost of alternative accommodation up to a stated limit.
07. What is “comprehensive legal expenses cover”?
Legal Expenses insurance protects your interests in the event of legal disputes and provides cover for the legal expenses and costs as well as any amount paid to the claimant.
08. What is property owner’s liability?
Property Owners Liability insurance covers you against any amount you are legally liable to pay as compensation for accidental bodily injury to a person or loss of or damage to a property, plus your defence costs and expenses arising as owner of the property.
09. What level of Property Owners Liability cover do I require?
Most insurers offer 3 levels of cover – £1/£2 or £5 million. Unless you request otherwise you will be provided cover up to £1,000,000
