Do you own a property that you don't personally occupy?
Don't overlook the importance of Non-Occupant Owner's Insurance!
This home insurance policy, specially designed for non-occupant owners, enables an owner who does not occupy his or her property to insure it in the event of a claim, whether the property is vacant or inhabited by a tenant.
PNO insurance provides the owner with additional coverage, particularly in the following situations:
When the tenant's insurance does not fully cover an accident (insufficient third-party liability insurance): PNO insurance covers damage not covered by the tenant's home insurance policy.
In the event of a claim occurring during a period when the property is unoccupied: the owner is compensated, thereby reducing the costs associated with repairs.
Since the ALUR law of 2015, non-occupant owner insurance has been mandatory in condominiums. Article 9-1 of the ALUR law in fact states that "Each co-owner is required to insure against the civil liability risks for which he is responsible in his capacity as either an occupying co-owner or a non-occupying co-owner."