LANDLORD INSURANCE FOR COMMERCIAL PROPERTY
Why do I need insurance? The role of a Landlord includes fulfilling the responsibility to ensure that your investment property is safe for those who lease it from you. Likewise you have a responsibility to yourself to maintain adequate cover in the event that any problems arise. Unexpected situations such as fire, flood or the tenants' sudden business closure can cause devastation financially.
When purchasing a policy, or renewing your current cover, it is important to confirm that your policy includes:
BUILDING AND LANDLORD'S CONTENTS
Ensure you have adequate protection of your building, landlord contents/fixtures and fittings against any accidental damage or insured events such as storm or fire.
Without proper liability insurance, you could be exposed to a higher level of risk, costing you a lot more than a bit extra on your premium. Even if you do everything right, dot your ‘I's and cross your ‘T’s, and make your property safe. You can still face litigation if an event occurs so be careful. It is important to note that you are not responsible for insuring your tenant’s liabilities. They are obligated to have their own cover.
LOSS OF INCOME
Insure your loss of income following an insured event and continue receiving income while your property is being repaired.
Speak to your insurance broker as not all policies include this option. This cover will protect you if your tenant breaches their Lease agreement. For example, vacates without notice or becomes insolvent.
We urge you to review your policy and speak directly with your insurance company if you have any queries. They are the only professionals that can give you authorised and correct advice into the policy that you hold.