You own an apartment and you are wondering which type of insurance you should subscribe to protect your against incidents ?
For condominiums, just know that home insurance is compulsory and is divided into 3 categories:
• the guarantees of the condominium agreement that relate to the communal parts
• the one your tenant must, at least, subscribe to
• the one you must subscribe to as the owner.
The “Non-Occupant Owner” insurance allows you to be insured, especially when your accommodation is empty between two tenants, but also in the case of incidents that would not be covered by the condominium insurance or your tenant’s insurance.
What does non-occupant owner insurance cover?
Your non-occupant owner insurance protects you against all incidents that could cause damage to the facilities and equipment present in the rental unit in the absence of a responsible tenant. It guarantees a coverage similar to traditional comprehensive home insurance.
It allows you not only to protect the rented home in case of an incident causing damage, but also to cover your liability to third parties. in the case of an incident related to a defect in construction or in maintenance, or a disturbance.
This insurance offers you an extended coverage that protects you in case of any incident or dispute not covered by the condominium insurance or the tenant’s.
Indeed, even when the tenant has subscribed to a home insurance, certain incidents remain under the responsibility of the owner, especially since the level of liability of the tenant’s home insurance depends on the guarantees they subscribed to.
Another considerable advantage of non-occupant owner insurance: if you rent your property, the contributions to your contract are deductible from your real estate income under the real tax system (mandatory if your property income exceeds 15,000 euros per year and by choice if your income is lower).
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