One of the simplest package policies on the market is for property owners, sometimes called landlords insurance. Everything you need in one policy. So, what is included and what is left out?
To start with you want to protect the physical structure of the building and this is done by providing cover for a specific range of “perils” such as:
- Storm or Flood
- Theft or attempted Theft
- Escape of Water
- Malicious Damage
Even with these covers there are exclusions, so it is vital you read the wording in detail #becauseaccidentshappen, to nice people all the time.
Cover is also available for “other” accidental damage, as well as subsidence, ground heave and landslip, but these are usually options, so check the detail.
Standard exclusions include: War, Radioactive contamination, Sonic Bangs, Changes in Water Table, Electronic Risks, Wear and Tear, deterioration, and any gradually operating cause.
Cover can be restricted for unoccupied property, or in the course of renovation, sale or repair.
Land for development can be covered, but for liability only.
More on property owners liabilities, business interruption and legal expenses this week.