Liability insurance for business premises and homes: How do you choose the best coverage?

Whether you rent out a home, own a business premises or manage several real estate objects , you always run the risk of liability claims. What if a tenant stumbles over a separate tile in your building ? Or if a roof tile of your building causes damage to a parked car ?

insurance for business premises and homes protects you against damage claims from third parties and prevents you from having a person or business for unexpected costs. In this blog you discover why this insurance is essential, what it covers and how you choose the right coverage .

1. Why is liability insurance needed for property owners?

As the owner of a home or business premises you are responsible for the state of the building and the safety of tenants, visitors and local residents. A small defect can have major financial consequences if someone is injured or property is damaged.

Common liability risks

✔ Personal injury - A tenant or visitor slides on a wet staircase and breaks one leg.
✔ Damage to third parties - a facing brick comes loose and damages an adjacent building.
✔ Fire damage to neighbors - A fire caused by defective wiring is spreading to other buildings.
✔ Damage due to overdue maintenance - a leak in your building causes water damage at an under neighbor.
✔ Architectural defects - a poorly maintained balcony collapses and causes injury.

📌 Without insurance, these damage claims can cost thousands to even hundreds of thousands of euros.

💡 Do you want to cover these risks? Then view the options for a real estate liability insurance .

2. What does liability insurance cover for real estate?

insurance for business premises and homes offers coverage for financial claims as a result of damage to third parties.

What is Reimbursed?

✅ Damage to third parties - for example if a passer -by is injured by falling debris of your building.
✅ Personal injury - If a tenant or visitor is injured by a dangerous situation in your building.
✅ Damage due to architectural defects - for example if a leak in your building causes damage to another building.
✅ Fire damage - If a fire in your building extends to adjacent buildings.
✅ Legal costs - coverage for legal assistance in the event of liability claims.

📌 Note: Damage that a tenant himself causes to your building does not under your liability insurance. This home insurance or landlord insurance .

3. For whom is liability insurance required for real estate?

Liability insurance is crucial for:

🏠 Private landlords - do you rent a home or apartment? Then you are liable for damage to third parties.
🏢 Business property owners - Office buildings, shops and business premises bring extra liability risks.
🏨 Investors and real estate investors - the more real estate you possess, the greater the risk of claims.
🏬 Owners' associations (VVEs) - A VvE can be held liable for damage caused by common parts of a building, such as stairwells and lifts.

Do you want to know if your real estate entails extra risks? Request advice without obligation from Finass insures .

4. How do you choose the best coverage for your real estate?

Not all liability insurance offers the same coverage. Pay attention to the following points when choosing the right insurance:

✔ 1. Premium and insured coverage

The costs of a liability insurance vary depending on:
📌 The type of real estate - home, office, store or warehouse.
📌 The number of buildings - the more real estate, the higher the premium.
📌 Coverage limit - Choose a sufficiently high coverage (at least € 1 million).

✔ 2. Cover for tenant liability

Some insurers offer extra coverage if a tenant suffers damage due to overdue maintenance or defects in the building.

✔ 3. Cover for vacancy or construction projects

Empty buildings or real estate in renovation entail additional risks. Choose insurance that also offers coverage with vacancy.

💡 Do you want a customized policy? Request a quote from Finass insures .

5. Frequently asked questions about liability at Vastgoed

💬 Is liability insurance required for landlords?
No, but many mortgage lenders do demand it. In addition, it is strongly recommended to cover financial risks.

💬 Does the insurance cover damage to my own building?
No, a liability insurance only covers damage to third parties . You need a home insurance policy .

💬 What if a tenant causes damage?
Damage by tenants falls under their own household or liability insurance, not under your liability insurance.

💬 How much does liability insurance cost for landlords?
The premium often starts from € 100 per year , depending on the type of building and the coverage.

6. How do you take out liability insurance for real estate?

Do you want to avoid financial risks? Follow these steps:

1️⃣ Determine your risks - look at the type of real estate and its use.
2️⃣ Compare coverings - choose an insurance policy that matches your situation.
3️⃣ Request a quote from Finass insure - our experts help you with a customized policy.
4️⃣ Take out the insurance and protect your real estate against financial claims!

Conclusion: Why liability insurance is indispensable for property owners

As a property owner you run legal and financial risks . A liability insurance protects you against high damage claims and ensures that your real estate is not at risk due to unforeseen costs.

💡 Do you want to optimally protect your real estate? Request a quote from Finass and make sure you are fully covered! 🚀