Non-occupying homeowner: which home insurance plan to choose?
Legally, landlord landlords are considered to be non-occupant landlords. This implies the need for them to take out specific insurance in order to protect themselves against a certain number of risks linked to the rental but also to the rental vacancy periods which can constitute certain sensitive periods.
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Non-occupying homeowner: which home insurance plan to choose?
Non-occupant homeowner insurance covers you against risks related to rental and rental vacancy. © Monkey Business Images
Summary
What is a non-occupant owner?
Is PNO home insurance mandatory?
Why is PNO home insurance essential?
Non-occupant homeowner insurance coverage
What additional guarantees for PNO insurance?
How is the PNO insurance premium calculated?
What is a non-occupant owner?
When you own a home but do not occupy it all year round, you are therefore considered, in the eyes of the law, to be the non-occupying owner. This is particularly the case for landlords who have invested in housing to offer it for rent and earn rental income. For these owners with very specific status, it is recommended to take out non-occupant owner's home insurance - also called PNO home insurance - which will cover them against rental risks, in the event of degradation in particular.
Is PNO home insurance mandatory?
The owner of a home is not required to take out home insurance, unless the home is located in a condominium. In this case, it is necessary to cover oneself in order to mitigate the risks of damage which could be caused to other occupants of the building and which would come from the equipment of the accommodation, in particular during periods of rental vacancy. But regardless of the situation and the location of the accommodation, it should be noted that the purchase of non-occupant owner's insurance is strongly recommended. And for good reason, this cover makes it possible to be protected in the event of damage occurring, in particular when the insured's home is vacant and therefore unoccupied.
Why is PNO home insurance essential?
An empty home remains exposed to risks such as fires, water damage, theft, etc. It is therefore preferable to have insurance which covers not only the furniture and equipment present in the accommodation but which is also intended to protect the owner in the event of a dispute with neighbors. A fire or a flood often leads to collateral damage, that is to say damage to people living near the damaged housing or in the same building.
However, non-occupant homeowner insurance is also advantageous for the duration of a rental. As a landlord, while you may require your tenant to take out home insurance, they are under no obligation to opt for maximum coverage. Moreover, he is not obliged to cover himself against damage that may be caused to other accommodation or to the building. This is referred to as a guarantee for recourse from neighbors and third parties. As such, as a non-occupying owner, it may also be wise to supplement the tenant's insurance with a contract that will cover all of the risks incurred during the rental. You are thus guaranteed to be protected as much as possible and to benefit from optimal compensation in the event of a claim.
The tenant of a home is only required to take out civil liability cover and rental risk cover. However, these guarantees do not allow it to face recourse from neighbors and third parties.
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