Landlord insurance

Your investment property may suffer damage that is not covered by the tenant's or the housing company’s insurance policy. Landlord insurance enables you to insure a flat, terraced house or semi-detached that you rent out.

Why does your investment property need a separate insurance?

The tenant's home insurance may lapse without you being aware of it.
The insurance covers your property in the apartment, e.g. if the refrigerator or dishwasher breaks down.
The insurance includes protection for the permanent fixtures, such as floors, walls, bathroom furniture and kitchen cabinets.
The legal expenses insurance for your own home generally does not cover disputes or criminal proceedings relating to an investment property. You need separate legal expenses insurance for your investment property, e.g. in case of disputes with the tenant or housing company.
As the owner of the property, you may cause damage to the tenant or housing company which you are legally liable to compensate.
You can extend your If Landlord Insurance with add-on covers for intentional damage caused by the tenant to the permanent fixtures of the apartment.
For interruption of rental income when the investment property has suffered damage that is covered under the terms and conditions.
In addition, the insurance is generally tax deductible.

Insurance options

Sum insured and deductible

Rental income interruption

Intentional damage by a tenant

Terms and Conditions and Guides

Insurance options, validity of insurance and the insured

Insurance options for landlord Insurance
Contents insurance for rental property	Furnished apartment Comprehensive	Unfurnished apartment Limited
Sudden and unforeseeable loss or damage	X
Water damage caused by leakage	X
Theft or malicious damage	X
Electric appliance breakage	X
Damage caused by fire, soot or smoke	X	X
Damage by natural forces	X	X
In addition to contents, the insurance covers: Permanent fixtures of a flat or terraced house up to a agreed sum
The insurance can be extended: Third party liability insurance for damage or injury that the landlord is legally liable for Legal expenses insurance for legal costs resulting from disputes or criminal proceedings Cover for interruption of rental income Cover for intentional damage caused by a tenant

The insured and period of insurance

he insured object is the investment property stated in the insurance policy in accordance with the level of protection you have chosen.

In third party liability insurance and legal expenses insurance the insured is the policyholder and possible other owners of the property.

The insurance is only valid in Finland.

Sum insured

Contents can be insured at full price or for a maximum compensation amount. Permanent fixtures of the apartment are insured up to the maximum compensation amount defined by you.

Compensation amount for landlord liability insurance is EUR 200 000 and EUR 10 000 for legal expenses.

Rental income interruption covers loss of rental income for up to 12 months. Compensation amount is your monthly rental income.

Compensation amount for intentional damages caused by a tenant is either EUR 5 000 or
EUR 10 000.

Deductible

For contents, permanent fixtures and landlord liability insurance deductible can be chosen from EUR 150, EUR 250 and EUR 450.

Deductible for legal expenses cover is 20% of the compensation, but not less than EUR 170.

Deductible for rental income interruption is 50% of the rent for one month.

For intentional damage by a tenant you can choose deductible between from EUR 450, EUR 850 and EUR 1 700.

Rental income interruption

The insurance covers the loss of rental income for a rented apartment for up to 12 months. The loss or damage must be sudden and unforeseeable. The basis for compensation is damage that fully or partially prevents the use of the flat for rental purposes. Compensation requires a valid rent agreement at the time of the damage.

Loss of rental income due to repair or renovation of the flat unrelated to the compensable damage which prevents habitation in the flat e.g. plumbing refurbishment works ordered by the housing company, are not covered.

Intentional damage caused by a tenant

The Insurance covers sudden loss or damage to the permanent fixtures of a flat, which is caused intentionally by a tenant and which the landlord could not foresee, if it is the result of an individual occurrence which has been reported to the police.

Damage covered by the insurance includes

the tenant damaging floor or wall surfaces or kitchen cabinets in a fit of rage
property damaged by tenants during an argument
leak caused intentionally, for example, before the tenant moved out.

Coverage for damages requires that the Insurance was valid from the start of the tenancy. If the tenancy began before the Insurance became valid, the Insurance must have been valid for a continuous period of at least 6 months prior to the insured event.

Damage not covered by the insurance includes

the Insurance does not cover loss or damage caused by wear and tear or the poor condition or maintenance of the flat,
the Insurance does not cover any extensions to liability agreed in the articles of association,
damage caused by smoking or pets.

This cover is not offered for properties used for short-term rental.