Being a property owner means that, while it may be a profitable venture, it poses certain risks. To militate against those eventually, it may be useful or necessary to consider having Insurance done. So whether it may be remaining responsible for a vacant building or a block of apartments, making sure that getting proper Insurance is worthwhile. Falcon Insurance has your back and aims to help women business owners by offering a variety of suitable insurance policies.
Insurance for Empty Buildings
Buildings that have not been occupied for a while due to renovations, waiting to be sold, or other seasonal reasons need to have special insurance as conventional ones do not provide cover in the said situations. Buildings insurance for empty property is specifically designed to provide coverage during these periods of vacancy, offering protection against a variety of potential hazards.
Risks covered by building insurance for empty property typically include:
- Flood and Fire Damage: Provides insurance coverage against natural disasters.
- Vandalism and Theft: Provides cover against burglary, malicious injury, or trespassing.
- Weather-Related Damage: It protects you from specific problems that would occur due to severe storms or hail, thereby incurring very high repair costs.
For instance, consider a situation whereby a person constructs a house and decides to leave it vacant in order to sell it. If a storm damages the roof or if your home suffers vandalism and structural damage, you can take a significant hit financially. Such risks are addressed by bespoke empty property insurance, which enhances confidence in the absence of occupation.
Flat Block Insurance
Owning and running a flat block presents its own set of complications, and one problem area is insurance, and flat block insurance is such. This type of insurance policy is aimed at ensuring multi-residential buildings and those who reside in them, as well as their shared spaces. This policy usually covers:
Comprehensive Cover for Buildings: It provides cover over the entire structure of a building, including shared facilities such as the hallways, the building’s parking areas, the gardens, and many others.
Liability Protection: This appropriately caters to medical bills, legal expenses, or compensation claims incurred as a result of being injured in common areas.
Loss of Rent: It reimburses landlords who do not receive any rent when portions of their rented buildings have been rendered unlivable by unexpected events, including fire and flooding.
A property management company managing a single block of flats may be liable for lawsuits due to an accident in the common area of a flat or even if there is any fire causing damage to a couple or more of its units. Block building insurance guarantees that the building is safe and secure while protection from liability and loss of rent mitigates the concern of financial loss.
What are The Benefits of Falcon Insurance?
Falcon Insurance is one such company that has carved a niche in the field of providing tailor-made insurance solutions and has to provide the following additional benefits:
- Individualised Coverage: Every piece of property is reviewed individually, and policies are written to meet the particular needs of that property.
- Assisted Services: The team at Falcon Insurance has significant experience and, therefore, provides assistance to clients whilst tackling intricate insurance issues and interpreting policy content.
- Fair Prices: A comprehensive protection solution is provided to property owners at a reasonable price, including the necessary features without cuts in quality.
Through Falcon Insurance, property owners are able to heave a sigh of relief as dependable and effective insurance policies cover their properties well.
Conclusion
When you own a real estate investment, such as an unoccupied building or a block of flats, it is advisable to obtain an insurance policy. Falcon offers buildings and block of flats insurance for unoccupied buildings and flat blocks, respectively that protect against fire, burglary, perils from nature, and liability claims. With their affordable rates and tailored solutions, Falcon Insurance makes sure all property owners are ready to face any obstacles that may lay in their way.
If you want to know more about how Falcon Insurance can protect your property, visit their website or call one of the advisors.