As the owner of residential properties, you face several risks due to a homeowner-tenant relationship. This is where Habitational insurance comes in. This policy protects you against risks and helps prevent financial loss.
What Exactly Is Habitational Insurance?
Habitational insurance is for residential property owners, such as apartment buildings, multi-unit dwellings, condominiums, and more. While policies vary, most include coverage for general liability, residential property, and environmental impairment. Some kinds of coverage are standard, while others can be added to the existing insurance policy to extend your benefits. In addition, you can protect your property, including the belongings inside, with habitational insurance.
What Is Included In Habitational Insurance?
Here are several coverages that this insurance policy can include:
Theft and vandalism: Theft coverage can protect you against loss of belonging in your possession.
General liability: This helps cover the medical fees and legal expenses you could incur if a tenant or visitor gets injured on your property.
Fire, wind, and storm damage: This may help with remediation and cleanup costs if your property is damaged by fire, wind, or a storm.
Environmental cleanup: Exposure to pollution can cause financial loss due to third-party penalties and environmental cleanup. Habitational insurance coverage may include cleanup costs and third-party penalties.
Equipment breakdowns: Your physical equipment can be protected from fire, breakdowns, vandalism, theft, and other issues.
Loss of income: Habitational insurance can replace a loss of income due to a peril covered by your insurance policy. It can cover salaries and other costs incurred during the remediation period.
If you are unsure what coverage you need, consult an experienced insurance broker for guidance.