For landlords and owners of rental properties, as well as estate agents, there are a series of risks that you need to be aware of. When it comes to renting a residential property to a tenant or leasing a commercial property to a business, you need to ensure that you have the correct protection in place if things go wrong and a claim is made against you, especially if you are managing properties on behalf of clients too.
A property management insurance policy will provide cover for both the buildings as well as any contents and furnishings, in a very similar way to home insurance. The main difference, however, is that property management insurance is a specialist type of policy that also provides protection for a number of additional financial risks and liabilities. For example, this can include cover if a tenant suffers an injury whilst living or working in your property, and you are subsequently found to be at fault, as well as protecting any rental income if it is not possible for you to rent out the property due to damage and covering any unexpected costs that arise from tenant disputes.