Fire insurance for landlords is crucial. It protects your property from damage and potential liability. Find out here.
Contents
- What is fire insurance?
- What is included in a fire insurance policy?
- How much does fire insurance cost for landlords?
- Tips for good fire insurance
1. What is fire insurance?
Fire insurance covers damage to your property from fire, smoke, explosion, lightning. Usually you can also extend the insurance so that it covers water damage, storms and natural disasters as well. For landlords, it is helpful that landlord insurance covers rental-specific risks such as tenant liability, damage due to tenant negligence and vandalism. Since the year 2019, as a landlord, you are required to have fire insurance for the property you rent out.
2. What is included in a fire insurance policy?
Always check the policy terms and coverage limits of landlord fire insurance. Watch for exclusions, such as damage done intentionally or due to poor maintenance.
- The value of your home.
- What it insures? Such as damage to
- The building: structural damage to the property.
- common parts.
- Third parties: costs of third parties if they suffer damages.
- Optional coverages:
- Theft
- Vacancy
- Vandalism
- Short circuit
- Legal Aid
- Snow and ice damage
- Tenant damage
3. How much does fire insurance cost for landlords?
The price depends on:
- The size of your home.
- Property type.
- The age of your home.
- The location of your property: flood probability.
- The number of units rented out: the more, the more expensive.
- The number of additional options.
4. Tips for good fire insurance
- Compare several policies. Use comparison sites or request quotes from multiple insurers.
- Check the terms and conditions. Make sure the policy covers all relevant risks, such as tenant damage or natural disasters.
- Insure the new-for-old value of your property. Have your property appraised correctly to avoid paying out less in the event of a claim.
- Combine with other policies. Sometimes you can save by combining your fire insurance with other policies such as legal expenses.
- Have the tenant insurance policy checked. Make sure your tenant effectively has a policy and ask for a copy of the insurance terms.
- Implement preventive measures to lower your risk and reduce your premium. Install smoke detectors and have fire extinguishers checked regularly.
- Insure your outbuildings such as garages and conservatories.
Would you like to cite this article as a source? Then use:
Stiasteny, L. (2024, Dec. 2). Fire insurance for landlords. Apartment.be. Accessed on (date XX/XX/202X), from https://www.appartement.be/brandverzekering-voor-verhuurders/
Related articles: