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Real Estate Insurance

Real 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.

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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 there is a fire in your property, the fire damage caused to your company is compensated for under fire 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.

Learn more about housing company insurance policies

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

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

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

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, fire class, location and age of the buildings and the amount of deductible selected. The price is also affected by whether you choose the real estate full value insurance or insure the property according to the building’s replacement value. 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.

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Pipe renovations

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.

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.