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Protections for Property Owners

– Contributed content –

Victorian home

Have you reviewed your homeowner’s insurance? (A. Kotok)

2 Feb. 2019. Property investments are a popular choice for investors who lack stock exchange understanding and experience. Indeed, when you choose to purchase a property, you get to manage a tangible and physical asset. Where on the stock exchange markets, fluctuations can define the value of your bonds, increasing the value of your property investment follows a much more direct approach, from renovation works to overall community facilities.

Additionally, the property market offers the safety and stability inexperienced investors need to make a profit. But, it would be foolish to assume that buying a property is a safe business. On the contrary, property owners need to focus dedicate time and money to the protection of their home, shop, or even building. A physical asset can be affected by a variety of threats and external factors that can cause damages, breakage and, ultimately, a loss in value. Defining the appropriate level of protection – and ensuring that you don’t take unnecessary risks – is crucial to the profitability of your property.

The difference between a house and a shared individual living space

The first type of property most people are likely to buy is residential as they become homeowners. Who says home says home insurance. Indeed, you want to pick the appropriate cover for your property, ensuring compensation for damages sustained in a variety of situations. But home insurers are careful to reject compensation when they can establish a fault, from unauthorized DIY renovations to careless accessibility in the case of burglary complaint.

Similarly, your home insurance is only designed to your individual living space. But more and more homeowners live in a constellation where they also share communal space with their neighbors, in a block of flats or a condominium, that’s precisely where you need a dedicated master condo insurance policy to protect the areas that don’t belong to one owner only. Additionally, property owners also need extra protection against natural risks, as damages caused by earthquakes or even heavy flooding are automatically included in your standard cover.

Residential vs. commercial owners

When it comes to shops, offices and other commercial properties, insurers are specific about the level of protection and compensation that owners can claim. Indeed, a business that has failed to install the recommended security system, from CCTV cameras to windows that can hold in the event of an attack, can struggle to recover its loss through the insurance compensation.

Similarly, stolen or damaged goods are likely to be cross-examined before the money is released as the insurer needs to guarantee that the company has taken all the necessary precautions. Failure to secure compensation can lead to bankruptcy for small businesses, meaning that no business owner can afford to take chances on their security strategy.

The next level: landlords need protection against bad tenants

Last, but not least, buy to let properties require an additional cover that is designed to protect the landlord. Indeed, landlords need a dedicated insurance cover that can minimize their loss when they deal with bad tenants. Damages that have been caused by the tenants and loss of income as a result of unpaid rents when the tenant continues to live in can be compensated.

The first rule of property investment is to purchase the adequate protection, from home insurance to landlord cover. Ultimately, these are only a brief overview of the primary insurance coverage available to help you to understand your responsibilities as a property owner.

Editor’s note: The opinions in this post are the contributor’s and not those of Science & Enterprise. We recommend consulting your legal and insurance advisors for protections appropriate to your case.

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