What is it?
According to German law, you are liable for the damages you cause to others and this also applies to property owners. In simple words: the owner of a property is liable for any harm or damages caused due to the condition of his property. Whether it’s a slippery stairwell, a malfunctioning kitchen appliance, or a falling tree, the responsibility falls squarely on the owner.
To protect against the financial consequences of such liability, insurance providers offer specific liability policies tailored for property owners.
Over the years, this type of insurance has become a necessity for homeowners, apartment owners and landlords alike, who wish to protect themselves against potential legal claims.
What are the benefits?
One of the benefits of this insurance is its wide range of coverage. Similar to other liability insurances/3rd party insurances, this insurance covers the damages caused to third parties such as costs for damaged property of others, costs that arise from injuries of others or resulting financial damages due to the above.
Moreover, this insurance also supports you should there be a claim against you: The insurance then proves whether the claim is justified. If the claim is justified, it will pay for you. If it’s unjustified, the insurance will defend you.
Some examples of the coverage for apartment owners & landlords:
- Personal Injury: If your tenant trips over a loose floorboard and gets injured badly, this insurance can cover the medical bills and legal costs.
- Property damage: You forgot to check the condition of the silicon joint of the shower. Although it should have been renewed, it was not and now there is a leakage to the property below. The insurance can cover for the property damage of your neighbour.
- Ice and Snow Accidents: During the winter, you’re generally expected to keep public pathways around your property free of ice and snow. If someone slips because you didn’t adequately clear the area, your policy could cover medical and legal costs.
- Fire Damage: If a fire originating from your property causes damage to neighboring properties or injuries, this could fall under the coverage of your policy.
- Construction and Renovation Hazards: If you are renovating your property and a passerby is injured by falling debris or tripping over construction materials, this could be covered.
Who is it for?
Liability insurance for property owners isn’t one-size-fits-all but This insurance is flexible enough to cater to various types of property owners, each with their unique set of requirements:
- Residential Property Owners: These policies provide coverage against liabilities such as tenant injuries, structural damages, or any other incidents that can occur in a residential setting. Given that accidents in rented apartments can lead to substantial legal claims, this is a must-have.
- Commercial Property Owners: If your property is a workplace or a commercial venue, you’ll face a different set of liabilities, especially concerning employee and customer safety. Specialized policies can cover these unique risks.
- Undeveloped Land Owners: Believe it or not, even a barren piece of land can be a legal minefield. From passerby injuries to environmental damages, you can find yourself in hot water easily.
- Multi-Property Owners: If you own more than one property, specialized plans can offer bundled coverage, thereby providing comprehensive protection at a discounted rate.
Did you know?
Starting minimum coverage for liabilty insurance.