Can we insure every property
Can any property be insured?
When we reach for various insurance products, we want them to fully respond to our needs. As long as it involves popular insurance, such as life insurance policies, there should be no major problems with it. However, if we are looking for something relatively unusual, such as insurance for a residential community or commercial premises, we may have some doubts – whether this type of property can be insured at all and what it looks like?
The following article should shed some light on this issue.
Property insurance – can we insure any property?
Let’s answer this question right away – in principle, yes, any property can be insured, whether it’s insurance for a residential community or a business premises. However, this does not mean that all policies for buildings or premises are the same – depending on what we need to insure, our policy may look slightly different. Let’s take a brief look at what insuring different types of property looks like.
Home or apartment insurance
Usually, when we decide to insure a house, we mean to insure the entire property. What this means? In telegraphic shorthand, so much that the policy in such a case covers not only the house, but also all its fixed elements that are difficult or impossible to dismantle (such as radiators or tiling), as well as all the movable property that is in the house.
However, this is not the only option – if you find that you only need insurance covering the property itself and the land belonging to it, you also have this option.
Insurance of commercial premises
In this case, the matter is not so different from buying a policy to secure an apartment. Insurance of the premises where we conduct our business can cover the building itself, as well as fixed elements or movable property. However, an important issue here is the fact that most often the service premises are rented – in this case, who should pay the insurance, the landlord or the tenant?
Well, it depends. It is customary for the landlord to insure his property, i.e. the building, and the tenant, similarly, to insure the property, but this is not the rule – all such matters should already be included in the lease agreement to avoid doubts.
Insurance of the housing community
Community insurance is also possible and it covers common parts of multi-apartment buildings. It protects against random events such as fire, theft or devastation. This type of insurance can also include housing association board liability insurance.
The scope of protection is determined individually and, in addition to buildings and structures, the private property of employees of the housing community can be protected.