The landlord building insurance provides insurance cover to your building for any permanent damage caused due to fire or flood. When your building catches fire, a permanent damage may occur. Also the flood or any other natural calamity like the earthquake or storm may cause permanent damage to your building.
Under such conditions you don't get the rent from your tenants and you no more receive the income from your building. The landlord building insurance helps you in such conditions. The insurance cover provides you with the money so that you can rebuild and repair the damages to your building caused due to such calamities.
To ensure that you get the adequate amount of cover under such unforeseen circumstances, you pay certain regular sum as premium. This premium gets accumulated over the years and when any such calamity occurs, the company gives you the amount along with the built up interest so that you can rebuild your damaged property.
You can find the information about such insurance covers online. Visit the site and have a look. Inform yourself of the different eventualities that are covered in such insurance plans. Consult the insurance agent and find out the different documents that you need to apply for the policy. You can also find the information online.
But before approaching the advisor evaluate the present value of your property. Then contact the advisor and find out how much premium you have to deposit to avail the benefits of the insurance plan. Find out about the mode of payment for the premium. Also ask the advisor of the benefits which you will be given under the plan. Inquire about the different terms for which the insurance plans are available. Find out about the additional covers for the different landlord liabilities.
There are additional benefits provided in the insurance plans. These may include a cover for the claims made by the tenants. The tenants can claim for any injury which they suffer when any calamity occurs. The landlord liability insurance provides you with the cover for such claims.
Other is the employer liability cover. In this the plan gives you the cover for the claims made by the employees if they get injured or fall ill when any such misshaping occurs.
Other type of plan under this group is the content insurance which ensures you for the damages to furniture, paintings, fixtures and similar things in the building. Thus the building insurance gives you the financial assistance when the building and all the structures are damaged due to the natural and man made calamities.
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