Real estate insurance

Coverage against risks associated with owning and managing buildings.

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  • Customised to your needs

    Suitable for all types of buildings and properties. Real estate insurance is customised to your needs.

  • Comprehensive coverage for your property

    All real estate insurance policies include Property Cover, or property insurance, as well as property owner’s general liability insurance, legal expenses cover, directors’ liability insurance and rental income interruption insurance.

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Content

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About the insurance

Insurance for businesses and housing companies

Real estate insurance provides cover against risks associated with owning and managing buildings. Real estate insurance suits all buildings and is customised to the needs of your company. The building is insured based on its cubic volume.

There are four coverage options in real estate insurance: Real Estate Insurance, Real Estate Full Value insurance, Extended Real Estate Insurance, and Real Estate Extended Full Value Insurance. Select the option that suits you best with our specialist.

Pohjola Insurance's specialists will make an insurance decision on a case-by-case basis. Claims statistics will be used to support the decision if the building's age is 25 years or more.

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What does the insurance cover?

Real estate insurance covers damage caused by fire, water leakage, storm, vandalism and burglary. Extended real estate insurance also covers other sudden and unforeseeable losses, such as damage caused by heavy rain. You can also include insurance for voluntary workers in real estate insurance, and it covers injuries sustained by voluntary workers in events held on the property.

Examples of losses that are covered are provided below. For more information about restrictions, please see our insurance terms and conditions.

Real estate insurance

The insurance covers loss caused by uncontained fire or by soot or smoke spreading suddenly and unforeseeably from a fireplace or a similar heating unit in the premises.

The insurance covers loss or damage caused by theft or criminal damage when a building or rooms connected to the use of the building, or a fixed safe or safety deposit box, listed in the policy document, has been broken into. Burglary was committed by damaging structures or locks or by using a key which was obtained through robbery or burglary as described above.

The insurance covers loss or damage caused by a wilful act of damage.

The insurance covers damage or loss that was caused by a sudden, unforeseeable event to fixed property belonging to and installed in the building.

The insurance covers loss caused by storm wind.

The insurance covers loss or damage caused by a direct strike of lightning or by excess voltage resulting from lightning.

Real estate insurance provides protection if you as the property owner become liable for indemnities for loss/damage that you have caused to another party. This may happen if a passer-by slips and sustains injury in the yard of your property.

We cover financial losses for which a lay property manager or board member is liable under the Finnish Housing Companies Act.

We cover the necessary and reasonable legal expenses and litigation costs of an insured person which were caused by using legal counsel in a disputed civil case, criminal case or non-contentious civil case concerning the ownership, management or use of the real estate specified in the insurance policy and the buildings on the property.

We cover any necessary and reasonable legal expenses and litigation costs incurred by the insured person in disputed civil cases, criminal cases or non-contentious civil cases concerning the ownership, management or use of the real estate specified in the insurance policy and the buildings on the property.

Extended Real Estate Insurance

In addition to the basic package, the following are covered:

We will compensate the policyholder for the loss of rental income if a property damage compensable under the insurance terms and conditions occurs in the object of insurance and the object is unusable.

Extended Real Estate Insurance and Real Estate Extended Full Value Insurance cover sudden and unforeseeable losses or damage, such as a roof damaged by a hailstorm or flooding in a building during heavy rain.

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Pricing of insurance

The price of full value real estate insurance is based on factors such as the building’s cubic volume, location, age and the selected deductible. The extent of the selected cover also affects the price. When determining the price of real estate insurance, we also take into account the building’s purpose of use, the basic renovations completed to date, and the property’s safety and security solutions.

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Examples of loss events

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Faulty support of a sewage pipe caused water damage

The support of a sewage pipe is faulty. As a result, the sewage pipe connection comes loose and causes sewage to leak. The Extended Real Estate Insurance compensates water damage on the insured property as consequential loss, such as the property getting wet and soiled, due to sewage water leaking. Fixing the faulty support is not compensable in itself.

Raindrops fall into a puddle

Faulty cable shelves caused water damage and broke

The cable shelves in the basement of the building were fixed poorly in the structures of the building during construction. The cable shelves fall down and result in the drainpipes breaking. As the drainpipes are damaged, the sewage water causes water damage. The insurance covers water damage to the building and the breakdown of the drainpipes. However, the damage to the cable shelves is not compensable, as the cable shelves broke or failed on their own and not due to a sudden mechanical breakdown or failure following a mistake.

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Damage caused by a voluntary worker during a work party in the building’s yard

Residents organised a work party in the building’s yard. One of the voluntary workers left their tool on the ground, resulting in a resident tripping on it and injuring their leg. Medical expenses were incurred by the injured resident. The housing company’s voluntary work insurance covered the medical treatment expenses incurred due to the injury in accordance with the insurance terms and conditions.

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Frequently asked questions

Real estate insurance protects you against risks associated with the owning and managing a building, for which the housing company’s board and the company’s executives are liable.

Residential and commercial buildings are valuable assets. As an owner of buildings, your liability may be extensive. In addition to covering the building, real estate insurance provides cover against risks associated with owning and managing real property, for which you may have indemnification liability. Buildings tie up large amounts of capital, which is why insuring them is important.

There are four coverage options in real estate insurance: Real Estate Insurance, Real Estate Full Value insurance, Extended Real Estate Insurance, and Real Estate Extended Full Value Insurance. It is a good idea to consult a specialist for the right coverage, and your insurance policy tailored to the needs of your company. Real estate insurance provides protection if you as the property owner become liable for indemnities for loss/damage that you have caused to another party. This may happen if a passer-by slips and is injured in the yard of a building you own.

Residential and commercial buildings are usually insured with full value insurance. Full value insurance is based on the cubic volume of the building, which ensures that the property is always insured at its full value. In the building’s full value insurance, the object of insurance is insured without an agreed maximum compensation. The definition provided in the RT card published by the Building Information Foundation is applied to the calculation of the building’s cubic volume.

When it comes to compensation for a leak damage, the age of the pipes influences the amount of compensation via the age reduction.

On the other hand, the pipe renovation method used affects the way the age of the pipes is taken into account when calculating deductions.

VTT’s certified method (only applies to sewer pipes)

At a site where an old sewer pipe has been verifiably renovated using VTT’s certified method such that a new pipe equipped with ring stiffness is formed inside the sewer pipe, the counting of the year of use affecting the age reduction begins from the start of the calendar year 10 years after the renovation year.

Modern methods include:

  • • Adapting pipe installation: A new factory-made pipe is installed inside the old sewer pipe.
  • • Cured-in-place pipe: A new factory-made pipe is installed inside the old pipe and cured in place.
  • • Die-casting: A new resin pipe is die-cast inside the old pipe. The thickness of the new pipe is at least 3 mm.

Other modern methods (applies to sewer and domestic water pipes)

Since 2006, Pohjola Insurance has taken modern pipe renovation methods into account when calculating the property leak damage age reduction.

In case of compensation, we halve the age of the original pipe so that the age reductions made in the case of pipe leaks are materially lower than the insurance terms and conditions. This practice will continue at sites where a renovation has not been performed using VTT’s aforementioned certified methods.

New pipes

At sites where domestic water or sewer pipes are replaced by completely renovated pipes, the counting of the years of use starts with the beginning of the calendar year following the installation year.

Product guides and terms and conditions

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  2. 2. You will receive an offer

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Corporate insurance policies are issued by Pohjola Insurance Ltd. Losses are covered in accordance with the law and the insurance terms and conditions.

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