What is Landlord Protector?
Landlord Protector is an insurance plan that is designed specifically for landlords who wish to let out an apartment that they own. It is more than a traditional home policy because it provides specific protection for the landlord’s interests, e.g. it covers the landlord's losses as a result of rent for designated reasons such as the tenant failing to pay the rent. It also protects the landlord’s property against accidental loss or damage by the tenant. The product has been created specifically to address the needs of a landlord, and, as a result, the coverage and limits are also conceived to allow a competitive premium that provides straightforward protection to suit the needs of the vast majority of landlords in Hong Kong.
Why should I take out Landlord Protector?
Landlord Protector is specially designed for landlords in Hong Kong. It is specifically created to address landlords’ concerns about their leased property assets and the resultant rental income which may be affected by loss of rent or damage to their property, furnishings, fixtures and fittings or any other aspects of their property. Also, the cover limits are designed to cater to the specific needs of landlords, e.g. landlords often only provide basic furniture for their tenants and as a result the cover limit of home contents may not need to be as high as that for an owner-occupier, making the product more competitive in terms of its premium.
What is the best time to take out Landlord Protector?
Customers are advised to take out Landlord Protector as soon as the Tenancy Agreement is signed and duly stamped.
What are the differences between Landlord Protector and a traditional home insurance policy?
Landlord Protector is a simple and direct insurance plan that is specially designed to address the needs of most landlords in Hong Kong. Its cover, features, coverage limits and pricing are different to a traditional home insurance policy.
| |
Landlord Protector |
Traditional Home Insurance |
| Cover |
- Loss of rent
- Loss of / damage to home contents provided by the landlord in the leased property caused by any accident except for those listed as exclusions
|
- No cover for “loss of rent” generally
- Cover only for damage to landlord’s property caused by specified accidents/perils
|
| Cover limits |
- Tailored to the needs of the landlord,
e.g. cover limit for home contents is lower but sufficient, as landlords will normally provide only basic home contents in leased property
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- Higher limit for home contents cover as policyholders are mostly household occupiers
|
| Simple and competitive pricing |
- Highly competitive compared to a traditional home policy as coverage is more focused and cover limits are lower
|
- Tier-pricing based on the property size or contents’ sum insured
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If I am not a Hong Kong resident, can I take out Landlord Protector?
Yes. As long as you lease an apartment located in Hong Kong with a signed and duly stamped Tenancy Agreement, you may take out Landlord Protector to protect your property.
Can an overseas registered company take out Landlord Protector?
Yes. As long as the leased apartment is located in Hong Kong with a signed and duly stamped Tenancy Agreement, the corporate client as a landlord may take out Landlord Protector.
Can I take out Landlord Protector for a leased apartment that I own overseas?
No. Landlord Protector only covers premises that are located in Hong Kong.
Can a company take out Landlord Protector for its apartment which is used as staff quarters?
No. Landlord Protector is only effective if a Tenancy Agreement is signed between a landlord and a tenant; not between a company and its staff as staff quarters.
Does Landlord Protector cover tenants’ property?
No. Landlord Protector only caters to the needs of landlords and covers only the landlords’ property, fixtures and fittings, furniture, decoration, and appliances in the leased premises. However, we also offer a specially created Tenant Protector, which is tailored specifically for the needs of tenants. Please contact your insurance advisor for more details.
Can an owner-occupier take out Landlord Protector for their home?
Landlord Protector is designed specifically to cater to the precise needs of landlords in Hong Kong. Its cover and cover limits may not be sufficient to give an owner-occupier the level of protection they expect. We recommend that owner-occupiers consider a FamilySurance Plus 4.0 policy that is specially created to cater to their needs.
If I own two apartments - one for my own use and the other for leasing - is Landlord Protector suitable for me?
Landlord Protector is specially designed to address all your needs as a landlord letting out your apartment. To get maximum protection for the apartment you are living in, it is suggested that you take out a FamilySurance Plus 4.0 policy which is more suitable for owner-occupiers.
Will Landlord Protector cover my leased apartment if my tenant uses it for commercial purposes, for example as a private kitchen or nail salon?
No. Landlord Protector covers a leased apartment for residential purposes only.
My leased apartment will be used as my tenant’s home office. Will use of the apartment as a home office be considered as an exclusion? Will there be any impact on the coverage of my Landlord Protector?
In the case of your tenant using your apartment as a home office, please inform your insurance advisor for special proposal.
I have leased my apartment to a relative and a Tenancy Agreement has been signed between us. My relative has promised that he will not damage my property. Do I still need Landlord Protector in a situation like this?
Even if he/she has promised that he/she will not damage your property, accidents may still happen that could impact your rental income. Insuring your leased apartment will make life easier for you in potentially difficult situations you could encounter with a tenant who is your friend or relative. Landlord Protector can also protect your liability as the owner of your leased apartment.
Is there any flat size limitation for Landlord Protector?
Landlord Protector covers apartments with gross floor areas of 1,200 square feet or less. For apartments with a gross floor area more than 1,200 square feet, please contact your insurance advisor for special proposal.
What happens if I want to terminate the policy after taking out Landlord Protector? Am I able to cancel the policy?
Yes. You may cancel the policy if you change your mind as long as there have been no claims against your policy. We will refund the unused premium based on a short-term rate subject to a minimum premium of HK$500.
I have leased my apartment to my daughter. Can I take out Landlord Protector to protect both of us?
Landlord Protector is exclusively designed for landlords who have leased a property they own.
Therefore, if your daughter is renting your apartment while you are living elsewhere, Landlord Protector will protect your property assets as well as your rental income against any accidental loss. However, it will not provide sufficient cover to protect your daughter who is the occupier of your apartment. Please note that there must be a current and duly stamped Tenancy Agreement to take out Landlord Protector. If this is not the case with your daughter’s Tenancy Agreement, we recommend that you take out FamilySurance Plus 4.0 to cover both yourself and your daughter.
