Tenants and Landlords

Written By LI CHUN WAI SAMUEL

What protections do tenants, owners, owner-occupied properties, and rental units need?

Building structural protection

  • Building structural insurance "fire insurance", mainly insures the building structure, such as walls, floors, ceilings, doors and windows, as well as the existing decorations when purchasing the property. When a building is damaged by accidents such as fire, flooding, typhoon etc, fire insurance will provide compensation to replace or rebuild the damaged structure.

    It is either necessary or recommended to purchase "fire insurance", if you're the following:

  • Owners

  • Properties under mortgage

Home protection

Home insurance mainly insures residential units and their belongings and personal items. It mainly covers losses caused by accidents (such as fire, theft, floods, etc.) or severe weather (such as typhoons, heavy rains), as well as third-party liability, etc.

Third-party liability protection: If the insured's negligence causes bodily injury or property damage to others, the insurance company will bear the relevant legal liability.

Personal belongings protection: Personal belongings are also insured out of the property premises. Coverage extends to wallets, personal identifcation, cash, handbags, mobile phones, computers, etc. (Note: Different insurers have different terms and coniditon under this benefit)

It is either necessary or recommended to purchase "home insurance", if you're the following:

  • Tentents

  • Owner-occupied properties

Landlord protection

Landlord liability insurance mainly protects the owner against legal liability when his or her property causes personal injury, death, or property damage to a third party. And if the tenant unexpectedly causes you to lose rent or incur expenses in the recovery process.

It is either necessary or recommended to purchase "home insurance", if you're the following:

  • Owner

  • Rental unit

LI CHUN WAI SAMUEL
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