Commercial Property Owners Insurance

There are many different types of property owner. From the individual who is renting out their second home to the ambitious property tycoon with an ever-increasing portfolio of trendy dockside apartments, shops, offices and commercial premises that they rent. The common theme for all landlords is the need to purchase a commercial property owners insurance policy to protect their investment.

As a property owner, you are effectively using your property as an extra source of income – and this needs to be protected. A normal home insurance policy is not valid when you are taking an income from the property. Either a residential or commercial property owners policy is what is required.

With the correct landlords insurance policy in place, you can relax knowing that should any damage be caused to the property you are protected against the financial consequences. With this peace of mind in place, you can worry about running your property and nothing else.

Property Owners insurance would compensate you should the following happen:

• Your property is massively damaged by a fire. Luckily your tenants are not hurt but they have to move out as the damage is so bad. It takes builders and decorators 3 months to repair the damage. Your landlord’s insurance policy would not only pay for all of the work to repair the property but also pay you the rent that you are missing out on by not having tenants living in the property during this period.

• You fall out with your tenants. They stop paying the rent and refuse to leave the property. You are forced to take them to court to get them evicted and collect rent owed to you. If you have purchased the “Legal Expenses” cover as part of your insurance policy then all of your costs accrued in fighting the court case would be compensated.

Buy to Let Insurance

Landlord Insurance is commonly also known as buy to let insurance. The cover available under a buy to let insurance policy is the same as a landlord insurance policy. You can get cover for your property, contents and landlords liability insurance. You will also be able to get insurance for a portfolio of properties as well as a singular property.