Insurance Articles

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The exclusions in a standard commercial landlord insurance policy Posted: 27 Jan 2012 06:18 AM PST If you are the landlord of commercial premises you will undoubtedly have all the necessary insurance. For a new property owner or where letting to businesses is a new venture, commercial landlord insurance might also be something you have no familiarity with. It is vital you protect your investment with the right insurance but it is not just a case of buying buildings insurance and thinking you have all risks covered. Even with the best insurance providers, the standard policy for buildings insurance contains a large number of exclusions. The exclusions from a standard landlord property insurance policy generally include: • Deterioration from general wear and tear • Any damage caused to walls, fences and gates by the weather – flood, snow, hail and wind • Dry or wet rot • Corrosion (rust) • Building collapse or cracking • Damage to glass or sanitary ware (except if cause is fire, lightening or explosion) • Damage to building caused by faulty equipment or appliances (self ignition, pressure excess, short circuit etc) • Settlement or bedding as defined to be normal in new builds • Damage caused to plumbing or electrics in outbuildings caused by frost • Latent defects • Damage caused by defective or faulty workmanship Other things to watch out for are terms relating to vacant or disused premises. Your commercial landlord insurance will also not cover the cost of any maintenance, repair or redecoration so it should be part of your commitment as a landlord to keep your property well maintained. Your buildings are an asset to be look after if they are going to generate you a healthy ongoing income. For some of the exclusions listed above you may be offered options to include them for an additional fee to your premium, for example, cover for subsidence which may cause collapse or cracking. Property insurance is just one part of your insurance arsenal. You will need to investigate what other types of cover you need. If you are merely letting out your property, your needs will be different to when you are the owner occupier of a commercial property. Quotes for commercial landlord insurance are available from landlordbuddy

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