How much does homeowners insurance cost and how does it work?
Five Common Examples of Homeowner’s Insurance Claims
All insurance claims are unique, but here are some examples of common claims that could save landlords significant money and help keep their rental property running smoothly.
A frying pan used by the tenants starts a fire in the owner’s property. The fire causes severe damage to the walls and ceilings of the property, with smoke damage throughout. It also caused damage to neighboring property. If the landlord is covered in the event of a fire under their building insurance, they could make a claim to cover the costs of the necessary reconstruction and repair work.
During the Christmas holidays, a homeowner’s property is hit by a severe storm and flooding. The ground floor of the property is badly damaged, including contents of the kitchen (owned by the owner), upholstery and other decorative items. If the owner has contents insurance, they could make a claim to cover the cost of repairs and replacements.
Owners Liability Insurance
A postman delivers a package to an owner’s property. A manhole cover gives way and causes him to break his leg. As a result, he hires a lawyer and files a lawsuit against the owner. If the owner has owners liability insurance, they could make a claim to cover the cost of compensation and legal fees.
Accidental damage insurance
The owner visits his accommodation a few weeks before the departure of his tenant. They discover that red wine has been spilled on the living room carpet. If the homeowner has accidental damage insurance, they could make a claim to cover the cost of cleaning or replacing the stained carpet.