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A rented apartment's windows fall on the street and hit a passerby. What is the best protection for landlords?
As a landlord with property rented out, have you ever considered that you could be sued by a third party who has been injured in an accident related to your property (e.g. windows falling on the street) and for which you require indemnity? When landlords encounter this kind of accidents, what should they do to best protect themselves?
There is a general misunderstanding among landlords that once properties are rented out, all responsibilities belong to the tenants only. However, in the case of an accident, both landlords and tenants may become liable, with the court determining which one is the liable party. In other words, landlords may still need to bear responsibilities.
Therefore, we advise landlords to buy insurance to protect themselves. There are such products in the market. For example, there are plans that will cover landlord's liabilities in respect of accidental death or bodily injury or property damage suffered by a third party on the property. Also, they will cover lawsuit fees as well as the loss of rental income if the property is rendered uninhabitable.
As a landlord with property rented out, it is vital to buy insurance to protect yourself. However, when is the best timing?
In fact, once landlords sign the Provisional Agreement for Sale and Purchase, they will need to have an insurance plan to protect their liabilities. The signing of agreement means that he is the owner of the property and will have to bear responsibility if accidents occur. Even though the property is not rented out, the coverage of landlord liabilities is still effective. Therefore, landlords should look for the right insurance plan once the Provisional Agreement for Sale and Purchase is signed.
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