If you own property then you want to make sure it is fully protected. Building owners’ insurance allows you to protect one or more buildings as long as they are not your place of residence.
Building Owners’ Insurance Vs Landlord Insurance
Landlord insurance is aimed at people who own rental properties. It provides protection against damage that might be caused by tenants or natural disasters. It also provides protection against unpaid rent. Building owners’ insurance can be used to insure buildings that are used for a range of purposes, including unoccupied properties.
The Key Benefits
If you own a portfolio of property, it would be a hassle to have a different policy for each building. With building owners’ insurance, you can insure all the buildings with one policy. As well as being easier, it also works out to be cheaper.
You can include liability insurance as part of your building owners’ insurance. This provides protection in case of injury to third parties. For example, if one of the buildings you own falls into disrepair, which causes injury to a member of the public. Your insurance would cover the legal fees associated with the incident.
If your properties are rented then you get the same protections as with landlord insurance. In the event that your tenants withhold payment, or if the property is temporarily uninhabitable, you will receive the same amount that you would have.
Included in this insurance is commercial cover for the buildings. This offers protection in the event of fire, arson, and break-ins.
In essence, this insurance offers you comprehensive cover for all the buildings you own in one simple policy.
Do you have questions about Building Owners’ Insurance?
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