What Is Included In Real Estate Insurance?
Whether for commercial or residential properties, real estate insurance is a tailored policy for property owners. Often known as landlord insurance or portfolio insurance, suitable cover can provide essential protection from potential risks and uncertainties. Our team are exploring the different types of coverage included in real estate insurance from Alan & Thomas.
Real Estate Insurance – Types Of Cover
If you own a portfolio of residential properties or have a business with multiple locations, it makes sense to take out a comprehensive insurance policy that covers them all in one go. That’s where real estate insurance comes in. This type of policy can be built bespoke to the unique needs of the owner, ensuring you receive the exact coverage that matches your property’s requirements.
Where each policy from Alan & Thomas is tailored specifically to the user, it’s worth remembering that what’s included in one real estate insurance policy won’t necessarily be the same as in another. Below, we’ve listed a few of the most common types of coverage found in landlord insurance and portfolio insurance.
Director’s & Officer’s Liability Insurance
D&O insurance provides coverage for the personal liability of directors and officers of an organisation. This can include claims arising from alleged wrongful acts, breaches of duty, negligence, and mismanagement. This can be a beneficial policy to include for businesses when taking out any property insurance.
Public Liability Insurance
Public liability insurance protects against claims made by third parties, such as clients or members of the public, for accidental injury or damages. This can be an important cover to include in a real estate insurance policy for both commercial and residential property owners.
Property Damage Insurance
Property damage insurance will protect against financial losses resulting from physical damage to any property. This can include a wide range of incidents such as fire, storms, natural disasters, and vandalism.
Engineering Breakdown Insurance
Sometimes known as machinery breakdown insurance, engineering breakdown insurance protects against accidental breakdowns of essential equipment and systems within a property, such as lifts, electrical panels, or machinery. This is a sensible policy to include with your real estate insurance as a policy can cover the costs of repairs, replacements, and business interruptions resulting from equipment failures.
Employer’s Liability Insurance
This type of insurance protects an employer from claims made by employees who suffer any injuries or illnesses due to work-related activities. Employer’s liability insurance can cover legal costs, medical expenses, and compensation expenses. This aspect of property owner’s insurance ensures an employer can fulfil their obligations towards their employees while mitigating potential financial risks.
Are you a landlord or do you have a business with multiple locations? Get in touch and we can tailor a real estate insurance policy to your needs. At Alan & Thomas, we’re highly experienced in providing bespoke coverage to suit many types of property and contents. Speak with us today by calling 01202 754900 or emailing info@alan-thomas.co.uk.