Real Estate InsuranceReal estate insurance protects your company’s or housing company’s property. Choose full-value insurance based on total floor area, or insure your property up to a suitable sum in euros.
Residential and commercial buildings are valuable form of property
Comprehensive insurance protects you against risks related to the ownership and management of real estate for which the housing company’s board the company’s executives are liable.
Extensive cover with a single insurance
All our real estate insurance solutions include property cover, owner’s general liability insurance, legal expenses insurance, board’s general liability insurance and rental income loss insurance.
Suitable for all building types
We insure your real estate either for its full value by its cubic volume or up to the agreed sum in euros.
Real estate insurance suitable for all building types
There are many risks involved in owning and managing a building and using it for commercial activities, and as buildings often tie up large amounts of capital, it is worthwhile to ensure that they are properly insured. Real Estate Insurance is suitable for all building types and can be customised flexibly to meet your needs. Whether your building is used for residential, commercial or industrial purposes, we will insure it either for its full value based on cubic volume or up to a desired sum.
If your property suffers a fire or water damage due to leakage, the damages will be reimbursed from your real estate insurance. Real estate insurance is also useful if you become liable for indemnities as the property owner for loss/damage that you have caused to another party. This may happen if an outsider slips and suffers injury on your property.
Real estate insurance covers
- the building
- structures, surface coverings and fittings, the modifications of which are at the same level as the original ones
- HVAC and electrical systems permanently fixed in a building, and the related equipment and machines
- fixed ordinary outside structures, such as open shelters and waste bin shelters and sports equipment stores totalling a maximum of 40 m².
- also equipment for shared use, such as property-maintenance machinery.
What is covered under Real Estate Insurance for companies?
You can insure your real estate against various types of damage, either for its full value, i.e. by cubic content, or up to the agreed sum insured.
Extended real estate insurance and Real estate extended full value insurance cover sudden and unforeseeable losses, such as damage caused by fire, leakage, burglary or storm, and damage caused by hailstorm or heavy rain.
Real estate insurance and Real estate full value insurance only cover losses caused by
- fire, soot and explosion.
- leakage or triggering of fire extinguishing equipment.
- theft or criminal damage to the property caused in connection with a break-in or burglary.
- breakage of a machine or equipment serving the building.
- storm or a stroke of lightning.
- a wild animal.
As a supplementary cover, real estate insurance can include extended insurance for voluntary workers, which covers injuries sustained by persons participating in voluntary work at real estate premises or during related transportation.
Full value insurance for real estate
In full value insurance, the object of insurance is insured with no maximum limit for compensation, and the insurance premium is based on the reported cubic content of the building. The definition provided in the RT card published by the Building Information Foundation is used to calculate the actual cubic content of the target.
Our real estate insurance policies also include general liability and legal expenses insurance
The property owner’s general liability insurance covers bodily injury or material damage caused to outside parties for which your company is liable for indemnification as the property owner. A typical loss case is when a passer-by slips within the housing company's area, thereby suffering a leg injury. If you have neglected your duty to grit the icy ground on the property, you may be held liable for indemnification.
Directors' and Officers' Liability Insurance provides cover for the company’s executives. It covers financial losses incurred by the company, shareholders or other parties for which a lay property manager or board member are held liable under the Limited Liability Housing Companies Act.
Legal Expenses Insurance assists in attorney and legal expenses in various civil and criminal cases related to the ownership, maintenance, management or use of the property.
Real estate insurance rate: how is the rate determined?
The rate paid for real estate insurance depends on the cubic volume and age of the buildings and the amount of deductible selected. The rate also varies according to whether the building is insured with full-value insurance or up to an agreed sum. In determining the insurance rate, we also take into account the purpose of use of the buildings, basic renovations completed to date, and the property’s safety and security solutions.
Ask for a quote to receive more information and our offer for real estate insurance. We will help you determine whether real estate-based full-value insurance is suitable for your needs, or whether your property should be insured up to a selected sum.
How will the pipe renovation method be taken into account in building leak damage?
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.
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.
In the op.fi service, you can easily and safely manage all of your company's insurance transactions. The service allows you to, for example
- report a loss and see how your loss report is processed
- print out certificates of insurance
- order a Green Card for company vehicles
How to activate the Internet Service:
- Sign the Agreement for Digital Transactions and name the administrators.
- Administrators can add other users and their access rights to the service.
- Read more about the op.fi service for corporate insurance customers
- Sign the Agreement for Digital Transactions (in Finnish)
- Real Estate Insurance, Product guide (in Finnish) (pdf)
- Kiinteistön talkoovakuutus, Terms and conditions, TL 01 (in Finnish) (pdf)
- Real Estate Insurance and Real Estate Full Value Insurance, Terms and conditions, KI 01 (pdf)
- Extended Real Estate Insurance and Real Estate Extended Full Value Insurance, Terms and conditions, KI 02 (pdf)
- Toimitusjohtajan hallituksenvastuuvakuutus asunto- ja kiinteistöosakeyhtiöille sekä asunto-osuuskunnille, Terms and conditions, VA 08 (in Finnish) (pdf)
- Real Estate Insurance, Insurance Information Document (pdf)
- Päivittäinen paloturvallisuus, S411 (in Finnish) (pdf)
- Sähköpalojen torjunta, S331 (in Finnish) (pdf)
- Hot Work, S621 (pdf)
- Prevention of leak damage, S460 (pdf)
- Other safety regulations for property, S480 (pdf)
- Data centres, S710 (pdf)
- Safety Regulations For Structural Break-In Protection, S850 (pdf)