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Property owners often have to deal with cases when a tenant of a house, office, building or separate area causes damage to someone else's property. And, if it is not always possible to prevent the event, the tenant's liability insurance will provide reliable protection against losses in such a case.
Tenant's liability insurance is beneficial not only for real estate owners, but also for tenants, since in the event of an insured event, the damage will be compensated not by the tenant, but by the insurance company. Thus, both parties to the contractual relationship are protected: no one incurs significant losses. Many property owners require tenants to arrange such insurance before signing the lease agreement. However, our clients understand that this is a beneficial offer for both parties.
What risks are covered by tenant's liability insurance?
The contract covers any cases that cause damage to the property or health of third parties, including:
- Fire resulting in damage due to the activities of the tenant.
- Flooding causing damage to other adjacent premises or buildings.
- Structural damage causing harm to people's health, such as a fallen sign.
Some objects on the property may require care and control only by the owner (in the presence of elevators, escalators and other moving devices).
What does the tenant respond to when insuring liability to third parties? He is responsible for the interior decoration, all existing movable property (owned and leased), and he is also responsible for the consequences for the health and life of visitors, buyers, and all third parties visiting the object as a result of possible accidents caused by the tenant's fault.
The cost of insurance for the tenant's liability to the landlord depends on factors such as the area of the leased property, the floor of the property, and the selected liability limit. Our specialists will tell you how much this type of insurance will cost in your specific case.
We will help you find advantageous and flexible conditions among leading insurance companies that suit each individual case, taking into account your budget.
Call our phone numbers. Our broker will find the optimal insurance solution for your company and act as a consultant on all issues related to the conclusion of an insurance contract, as well as in case of a possible insurance event.
