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Property Insurance

Property Insurance

When it comes to property management, property insurance is one of the first things worth considering, as it provides both liability coverage and property protection coverage against the contents of your property. Even small fires and incidents caused by water damage can lead to larger, more serious consequences, and as a result, greatly affect your liquidity. Additionally fires and flash floods can result in burst water pipes or the short-circuiting of electrical appliances within a household. The costs of restoring these damages can lead to significant amounts, which means you will need to consider the amount of work and expenses required to fix your home and replace any appliances, furnishings or personal belongings affected by the damage. In this instance, property insurance is irreplaceable as it provides protection against most risks, such as fire, theft and others.

There are 2 types of property insurance: building/premises insurance and insurance for personal belongings. Building insurance covers your property from any damage caused by a fire, flood, storm or vandalism, protecting the building structure, such as walls, floors, extensions and the roof. This type of insurance also covers the claimant if there is any damage caused by leaky pipes or faulty devices, in addition to accidental or criminal damage.

Insurance for personal belongings covers the items that you own, for example electronics, jewellery and furniture. This kind of coverage will help pay towards replacing or repairing your belongings after a covered loss. However, please note that declared items should be as per the item’s replacement value.

As a landlord, you automatically take on various risks, such as potential rental loss in the event of property damage and tenants with late rental payments. There are also legal liabilities to your neighbours and tenants, should the issue or incident of your property affect their personal belongings or property as well. With the right protection, these risks can be easily well-mitigated.

Aiko Durimkhan

Aiko Durimkhan

Property Management Director
Our team of qualified specialists are highly experienced, not only in property management but also in sales, rentals, mortgages and legal services.

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