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Martin Ward explains why you might need public liability insurance for your business from business.axainsurance.com Find out more about public liability insurance http Please don’t forget to rate, comment and if you liked the video then please subscribe!
Article by alex hugz
The need for land lord insurance can not be stressed enough. Owning rental property can be quite a tough business ifyou’re not insured. Just like other business ventures, it’s highly recommended that you likewise insure your houses, buildings and similar assets that you rent out so you don’t need to face complicated financial situations down the road. Insuring your rental properties protects both the buildings and you, which means you will surely gain a lot from it if something unfortunate happens.
Being a landlord, probably you have already got a landlord property insurance coverage policy for your properties or planning to get one. To clear up any misunderstandings you could have, landlord home insurance and a regular home insurance are not the same in that the conditions and terms the rules that govern them are different. The protection under landlord home insurance is generally more expansive and contains losses from rental income and tenant litigation and the like.
There are numerous kinds of landlord insurance policies such as: landlord property insurance, landlord building insurance, Landlord Liability Insurance, etc.
Before you can get a landlord home insurance, first get a quick look on the different kinds of coverage which might be suitedto your rental property. Compare the advantages and drawbacks for each type andsee what sort is best suited for your property.
Sorts of Landlord Home Insurance
Basic Coverage
Isa insurance policy that covers all repairs and renovations you make to your rental property. Itdoesn’t however include the contents of the property, hence should any damage occur to these contents, the insurance plan will not payfor the damage cost of these.
Fire Insurancecoverage
Whether it’s asmall fire that startedoff in your kitchen or maybe a large fire that destroyed your property, the rental property fire insurance will handle the damage costs. This is one of the most crucial insurance plan for any rental property.
Water Damage Coverage
This type of insuranceplan, covers accidents and damages that result from water related problems such as plumbing mishaps, broken pipes, etc. Double check that it covers floods too, as numerous policies don’t.
Liability Insurance
You might be at risk of being charged by your tenants. Therefore, liability insurance covers your legal bills and the liability claims that the court has ordered for your tenants. This type of insurance coverage is extremely recommended for rental property owners.
Loss of income
Surely you entered into the rental business with income in mind. Yet, in some cases, it can be unavoidable to lose income specifically if the property itself is not getting enough customers or is unfit for rental anymore. In both circumstances, you are losing profit. So while you discover how restart your business again, the loss of income insurance plan will cover the losses you incurred during this period.
About the Author
If you would like to know more about http://landlord-home-insurance.info/general/landlord-building-insurance”> Landlord Building Insurance , landlord property insurance , landlord liability insurance or how to get the most all-inclusive landlord home insurance at the most affordable prices, please feel free to check out our website for more information.
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Article by Mona
There are property owners who will buy a property to rent it out in order to get a second income.Before giving it out to tenants, they will interview them before, however even by interviewing potential tenants, landords will not be able to find out whether they will be able to take care of the house like it was their own. Therefore it is vital to insure the house and protect it against any damages. We look at the need for having insurance on rented property
It is crucial to make sure your investment is protected, this can be done by landlords making sure they have insurance on their rented property. So if a resident is not capable of taking care of the landlords property, the landlord does not need to worry as the equity will always be secured against damage.
Contents that are in the house which belong to the tenants, are excluded from the rented property insurance policy, The renter is responsible for their contents and for that reason should consider a contents insurance policy as they will have to invest a lot on on contents that need to be replaced. Items may involve items such as furniture, televisions, computers etc. Fixtures inside the building and the structure of the house will come under insurance for rented property.
A landlord insurance is different to a renters insurance policy or a normal house insurance policy, this is as it is a policy that is used only for landlords which covers the building in unfortunate events such as destruction, smoke damage, or even natural disasters that may cause the building harm.
So if you want to buy a house in order to rent it out, it is essential to take out an insurance policy. To get the best insurance quote for you, it would be a good idea to compare policies online to get a good rate. You will be able to go through various policies and find the one that suits your requirements.
Using good sites or comparison sites for insurance for a rented property are always beneficial. By using a comparison site landlords are able to get a collection of quotes from many insurance companies by just entering a few details. A list of insurance companies will then show up which will be offering landlord insurance with details of the quote. The householder is then able to look at the list and note down the details of the quote. Once the right quote is found which satisfies the landlord’s requirements and price expectations, they can then move on to the next stage which is to go on the insurer’s website and buy the policy. To find an insurance policy this way, it suggests that a householder can save a lot of time and money which everymost landlords would want to do.
Accordingly cover for a rented property is important in order to care for the property from harm as the risk factor is higher and by taking the time to examine in contrast the insurance quotes, a householder will be able to find the best insurance quote for them that will cover their property. To have protection on a rented property is a realistic idea but is also a part of a legal agreement for a rented property. The house not being furnished means the tenants will need to bring their own contents in the house and the policy will only cover the building. It will be the tenant’s responsibility to insure their items with the right insurance policy.
About the Author
To use an insurance company that is secure is essential, therefore propertycoverplus.com is recommended where it offers contents insurance for tenants as well as unoccupied property insurance.
Use and distribution of this article is subject to our Publisher Guidelines
whereby the original author’s information and copyright must be included.
Half of Engineers Not Covered for Injuries to the Public
London, UK (PRWEB) February 9, 2010
52% of UK Engineers are not covered for accidents or injury to the public, according to data from Coverzones, the business insurance comparison and policy management site, which has analysed a sample of 4,500 requests for insurance quotes over a three month period.
Eight in ten civil and structural engineers not covered for public accidents.
According to the Coverzones Engineering Insurance Report, only 48 per cent of engineers looked to purchase public liability insurance in the sample period, followed by just 29 per cent of civil engineers and 22 per cent of engineering consultants. Public Liability insurance covers policy holders against accidents and injury to the public, clients or customers. The implication of the data is that as many as 82 per cent of civil and structural engineers may not be covered for accidental injury.
Simon Ball, CEO of Coverzones: “Although Public Liability insurance is not mandatory for businesses in the engineering profession, considering that their work frequently requires professionals to visit clients on construction sites, it is extremely wise to be protected. You just have to turn on daytime television to see the prevalence of personal injury lawyers and the ease with which a claim can be made. It’s a sad truth that accidents do inevitably happen from time to time and, in an industry where work often occurs in hazardous environments, it is concerning that such a low percentage of companies are enquiring about this type of insurance.”
A third of Civil and Structural Engineers unprotected from cost of professional mistakes.
In the three month period, Coverzones data also revealed that just 65 per cent of civil and structural engineers had actively enquired about Professional Indemnity insurance, suggesting that 35 per cent may not be covered. This type of insurance protects policy holders against claims from clients who suffer a financial loss or damages due to negligence, breach of care or error in professional advice. 57 per cent of civil engineers, 56 per cent of engineering consultants and just 29 per cent of design consultants enquired about Professional Indemnity insurance in the three month sample period.
Although there is no official requirement from engineering bodies for companies to hold professional indemnity insurance, it is strongly recommended. It is often the case that engineers are required to hold and maintain cover to meet with clients’ contractual requirements and collateral warranty agreements anyway.
Ball continued: “It’s staggering, in an industry that’s been hit so hard by the recession, that such a high proportion of professionals are not protecting themselves. Imagine a situation where you might be chasing a client for unpaid fees and they file a counter claim alleging, for example, that you’d given a misleading estimate in order to delay or reduce their payment. Without Professional Indemnity insurance, you would have no recourse. Consider also that Chartered Engineers are often involved in calculations and planning of multi-million pound developments – a claim from just a single mistake could well cripple a business.”
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