OVERVIEW
Insurance experts in the real estate industry
We know that it is an exciting time for both single and multi-property owners, but as the real estate industry continues to grow, so does their need for protection. Many property owners face a wide range of risks that can impact their investments and assets. From damage to assets and repair costs, loss of rent and property owners’ liability and cyberattacks or breaches; there are numerous challenges that can arise and threaten a real estate owner’s financial security.
Our team of real estate industry experts is here to navigate these challenges alongside you and your client to provide all the information they need to protect their investment for the long term.
risks
What real estate risks can insurance cover?
It is important that property owners in the real estate industry are aware of the various risks and liabilities that can impact their investments, the real estate industry is constantly evolving, and as a result, so are the risks associated with it. Some of the risks that real estate owners may face include that can be covered are:
- Property damage from natural disasters, accidents, or other incidents
- Cyber security threats, such as data breaches or theft of personal information
- Loss of rental income due to damage or unforeseen circumstances
- Liability for injuries sustained by tenants, visitors, or employees
- Acts of terrorism or political violence that can cause damage to properties and disrupt business operations
- Risks associated with construction and development, such as delays, cost overruns, and defects
Understanding the specific risks, that are faced in the real estate industry is critical to protecting investments. Working with experienced insurance professionals can help identify these risks and determine the appropriate insurance coverage to mitigate them.
risks
Insurance
Real estate and commercial property owners need to make sure they have the right insurance coverage in place to protect their investments. While the specific insurance types they need will depend on the nature of their business, we have provided a list below as a starting point for understanding what insurance may be suitable for their needs.
- Property insurance:
Providing coverage for damage to property caused by various perils, such as fire, theft, or natural disasters.
More on property insurance - Cyber insurance:
In today’s digital age, cyber threats are a real concern for businesses of all sizes. Cyber insurance can provide coverage for data breaches, cyberattacks, and other related risks.
More on cyber insurance - Political violence/terrorism insurance:
Provides coverage for damage caused by acts of terrorism or political violence.
More on political violence/terrorism insurance - Liability insurance:
Covers legal liability for damages and costs in respect of bodily injury or property damage in connection with an insured's business activities.
More on liability insurance
Keep in mind that this list is not exhaustive, and there may be other insurance types that are suitable for real estate owners’ specific needs. Working with experienced insurance professionals can help identify the specific risks that are faced and choose the right coverage to protect real estate investments.
Insurance
Which real estate clients are eligible for insurance?
It is important to make sure your client is eligible for cover from brit. Typically, those that are relevant to our real estate industry insurance information may include, but are not limited to the following:
- Property owners and investors
- Residential property owners
- Property developers
- Property managers
- Property owners with mixed portfolios
- Medium and large sized commercial property businesses
If you are unsure that your client is suitable for our insurance policies, contact one of our experts today to find out more.
news & trends
Real estate insurance news & trends
With the evolving way that people live, work, and interact, the risks associated with the real estate industry continue to grow as well. The need for real estate business owners to adapt and stay on top of industry trends and changes to the market, as well as understanding their insurance needs is vital for success.
Some current real estate industry trends for owners and brokers to keep in mind include:
- Property damage from natural disasters, accidents, or other incidents
- Cybersecurity threats, such as data breaches or theft of personal information
- Loss of rental income due to damage or unforeseen circumstances
- Liability for injuries sustained by tenants, visitors, or employees
- Acts of terrorism or political violence that can cause damage to properties and disrupt business operations
news & trends
The climate risk to property developers
The property sector faces a significant environmental challenge, contributing to 40% of global greenhouse emissions, as reported by the UN Environment program. Sourcing materials like concrete, steel, and wood, along with land use, has put property construction under environmental scrutiny in recent years.
Conversely, extreme weather events have had an impact on building property. Floods, droughts, and wildfires add complexity for property developers when planning new homes in specific areas.
Read more
The cyber security risks faced by the mortgage industry in 2023
The cybersecurity landscape in the mortgage industry faces evolving threats, with a 25% increase in reported attacks since 2020. Mortgage firms handling sensitive data risk financial, legal, and reputational harm from breaches.
Key trends to protect mortgage firms include responsible AI integration, multi-factor authentication, countering ransomware threats, and securing digital supply chains. Staying proactive and prioritising security measures is crucial for mortgage companies to safeguard customer trust.
Read more
Civil unrest and the threat to business continuity
The global rise in civil unrest poses a significant concern for the property industry, impacting public order, social stability, and physical structures. Escalating instances of civil disturbances are driven by failed policies, cost-of-living crises, and geopolitical conflicts.
Property businesses, particularly in urban areas prone to civil unrest, must address these risks. Insurers and property industry stakeholders must prioritise scenario testing, coverage evaluation, and adapting to evolving threats to safeguard their interests and customers
Read moreOur real estate experts
Meet our team via the links at the top of the page and learn more about our diverse group of real estate underwriting experts who are dedicated to helping clients protect their businesses from potential risks. With extensive experience and knowledge in the field, our team is equipped to handle a variety of challenges and provide tailored solutions to meet our clients’ needs.
