Falcon Insurance halfway house landlord insurance has been specially tailored to protect landlords of a halfway house from any financial loss they might suffer. We provide a selection of comprehensive landlord plans for halfway houses which cover a wide range of potential risk factors and therefore potential losses a landlord of a halfway house might face, to give you peace of mind that you won’t be out of pocket if the worst should happen.
All landlords and property owners face the risk of financial loss, for example, their property could get vandalised or damaged by a fire, flood or even extreme weather. Which is why it is important all landlords fully insure their properties to ensure that if their property is damaged, the insurance company will cover the costs of repair. Landlord insurance for halfway house properties is especially important because as the owner of a halfway house you face even more risks than a typical property owner. Halfway houses play a crucial role in the rehabilitation of former prisoners, psychiatric patients and other individuals who are used to living an institutionalised life and therefore may not be able to navigate ‘normal’ life. Unfortunately, providing accommodation for these individuals, as crucial and rewarding as it might be, comes with even more risks than most landlords face. Which is why is it imperative that a landlord of a halfway house have fully comprehensive insurance that covers them in every eventuality.
Halfway house insurance includes a range of services designed to provide you with a fully comprehensive cover that protects you in every eventuality. This includes:
Building and contents: this insurance service is designed to help you to cover the costs of repairing (or even rebuilding) a property in the event of a fire, flood, extreme weather, or due to vandalism.
Loss of rent: if your property becomes unusable or becomes unoccupied you will suffer a financial loss from a loss of rental payments you would have ordinarily received, our residential care property coverage protects you in this eventuality.
Business interruption: this covers you for an unforeseen loss of business income, such as if you have to close your halfway house due to damage to the property.
Legal expenses: cover for legal fees and any compensation awarded for a variety of legal issues such as a member of the public or a resident of the property claiming compensation due to injuring themselves while on the grounds of the property you own.
Public liability: providing financial protection in the event of a public liability claim, for example, if a service user, third party or member of the public is injured or has their property damaged and are trying to hold you liable.
Professional indemnity: an insurance that covers you in the event of a service user (or one of their family members) making a claim against you for negligence.
There are numerous risks to owning a halfway house, such as damage to the property or contents in the property, liability claims and much more. Having a secure halfway house property insurance policy in place can help to protect you from these potential risks and any financial loss you might suffer. So, if your property or contents are damaged or stolen, you will be covered to repair or replace these at no extra cost to your business. If any legal issues were to arise, your insurance will cover the legal fees and any compensation.
And if you were to have to temporarily close the halfway house, you would be covered by your rent loss and business interruption policy, therefore, you would still receive the income instead of finding yourself in a financial loss. This insurance is designed to give you peace of mind that regardless of what happens, you will never find yourself in a financial loss, or without your property.
Property insurance for halfway houses has been specifically designed for halfway house landlords and property owners. Due to the high level of security this landlord insurance for halfway house properties provides you, it is something we strongly encourage you to seriously consider.
If you would like to apply for landlord insurance for halfway house properties, or if you have any questions about whether this type of insurance is the right type of policy for you. Contact a member of our friendly team. We can answer any questions you have and provide you with a tailored and free, no-obligation quote, that is perfect for you and your property. You can contact us by sending us a message through our online contact form, or calling us on 0121 679 7265. Our friendly team are on hand now to answer any questions you have.
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The halfway house landlord insurance cost will depend on what risk factors are involved and what level of cover you choose. For example, if you only choose to insure the property the price of the policy will be cheaper than if you decided to opt for coverage for the property, legal fees and business interruption.
The level of cover you require depends on a range of risk factors and how much peace of mind you would like to have. To determine the best level of cover for you, you should get in touch with a reputable insurance company who can take the time to understand you and your property and help you to determine a suitable level of cover that fully protects you.
Liability insurance is only a legal requirement if you run a business that employs staff, however, it is strongly recommended that you do have liability insurance, to protect you from financial loss in every eventuality.
It is recommended you have property insurance in place from the moment you take ownership of the property. You should begin your halfway house property insurance policy from the day your property becomes a halfway house.
Call us on 0121 679 7265 or contact us by sending us a message through our online contact form, for your free personalised quote. Our expert team are available to answer any questions and to help you find the perfect level of insurance for your business.
And put us on test to see how much we can save you!
Did you know underinsurance can seriously affect your insurance claim and therefore can be devastating to business and individuals this makes it very important to make sure you have the proper coverage you require.
