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.