For every property owner, there is a natural desire to protect their home or business premises. The specific motivation may differ, with an emotional connection urging owners of private residences to keep their families safe, while business premises, whether a warehouse, office or retail unit, are covered by a more financial motive. The distinction does fudge somewhat when it comes to landlords, whose property is a business investment but can also a home to someone. To recognise this distinction, the let property insurance policy exists.
Quotes for the range of property insurance available can vary quite substantially, but there are specific criteria that go into calculating such things. Understandably, the list of safety hazards in an industrial place of work, for example, would mean that a commercial property insurance quote would be quite a bit higher than for a small coffee shop in a shopping mall. Even businesses without premises can have cover, with contractors all risk insurance covering tradesmen, like plumbers and electricians, working on the property of their employers.
The scope of commercial insurance policies is quite vast, but landlords are different since they offer no professional service but earn through the provision of a home for someone else. Nevertheless, risks do exist that the landlord must be protected from, many of which are related to home issues. For example, the rented home is typically protected by residential security alarm systems, not the more robust commercial security systems.
Also, if a house or apartment is rented full furnished, the theft of contents such as furniture and kitchen utilities, like fridge freezers, microwaves and dishwashers, will affect the landlord and not the tenants. This is also the case for any structural damage that might be suffered by the house itself, and its gardens or yards. For example, if a storm overnight leads to a tree crashing through the roof of the house, this is something the policy of the landlord must cover.
Each of these aspects are common to home owners in any case, with structural damage and theft both features of a general residential property insurance policy. However, what is certainly different is if any injury is suffered by occupants. In such a case, it is generally a family member of the home owner that is injured, and compensation is not sought by them.
However, much like a customer in a shop or an employee in an office, a tenant is entitled to sue their landlord if the landlord is proven to be at fault. So, should there be a serious water leak in the house, and the property of a tenant be damaged or destroyed, they can claim the value of the property back. Similarly, if there is a fire and property is lost, then they can also seek compensation from the landlord.
Getting insurance that directly caters for the landlord is important then, and most insurers are happy to accommodate the particular aspects required. For example, after a break in, it is possible to get a significant sum to have locks and keys changed. And, if a tenant slips on the stairs and it is proven that a loose step was the reason, the policy can cover medical bills and legal fees, should the incident become a matter for the courts.
However, let property insurance will also compensate the landlord in the event that furniture or utilities are damaged by tenants, requiring them to be serviced, repaired or replaced. That facility also stands for damage done to the exterior of the property, with front gates, garages and even garden landscaping all being included.
Meanwhile, the availability of contractors all risk insurance means that an electrician can be fully covered while at work, even though he is not working on his own property. More importantly, as far as their employer is concerned, a tradesman with this policy is accepting liability, negating the risk of compensation.
Remember, that when getting any commercial property insurance quote, it is essential to explain accurately the true nature of the building itself. This can have a huge bearing on, not just the choice of policy but the consequences in the event of a claim. So, speaking to an insurance agent in detail is essential.
Kathryn Dawson writes articles for Yes Quote, a leading UK site that focuses on offering the best online quotations such as pub, restaurant and let property insurance available in the UK. Yes Quote has a dedicated team checking the quotations against other products or policies not yet available online enhancing their service from just one single online offering. For first-rate contractors all risk insurance and commercial property insurance quote, Yes Quote is the place to go to.
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