Commercial and residential properties come with plenty of income opportunities, but also plenty of risks. The point of property owners insurance is to mitigate against risks such as vandalism, tenant injury, loss of rent and any legal action that might come from an ongoing or serious dispute.
Your assets could be a range of commercial properties, a portfolio of residential houses or a single buy-to-let. Property owners insurance from Watkin Davies can cover all these set-ups and more alongside the kind of risks that may bring with them.
Your property portfolio can take a lot of protecting but this doesn’t need to be unfeasible in terms of your time and money. Watkin Davies can help you find the right property owners insurance policy for you.
Here are some an important areas you need to consider for your Property Owners Insurance:
An unsecured property is open to vandalism, theft or worse, arson. Parameter fencing, motion sensitive lighting and alarms are obvious ways of providing physical protection for a commercial property, especially one which is in a remote location. More feasible measures include reducing opportunity, such as making it difficult to access upper levels from the outside, and ensuring there is no rubbish left unattended which could be set alight.
You have a responsibility to your tenants, whether the properties you own are commercial or residential. This includes making sure that it’s in good condition, reducing the chances of an accident. Residential properties with multiple talents and water sources are more vulnerable to outbreaks of legionnaire’s disease, so it’s important to make sure you’re doing all you can to keep this potentially fatal illness at bay.
What’s ever causes loss of rent – flood, fire or redundancy - it’s rarely expected. As a property owner, your rental income could be covered for a set period of time if your tenant is unable to pay.
If disputes arise and problems remain unresolved, legal cover can pay for proceedings and defence costs, so such a scenario doesn’t have too great an impact.