Insurance

blog yellow circle pmgHere are various blog resources related to the insurance of properties, ranging from the main building cover to ancillary ones like contents. Whether it's the premium to pay or the policy to correctly arrange, these help explain what's needed from the perspective of different property interests.

 

The Main Principles of Landlords Buildings Insurance

building insurance property management guideProperties need to be insured, just like any other 'asset' like your car or personal contents and furniture. If you're a home owner you'll be used to arranging your annual renewal of your building insurance, and for business properties and larger residential developments often through landlords, managing agents, and possibly tenants directly or indirectly by paying the premium.
 
Things are generally easier for your own home insurance, as it's often just a matter of shopping around for the best deal. There are lots of online comparison websites to help, and advice to help make sure you provide the right information and use the right negotiation tactics.
 
The mistake seen time and time again though, is people assuming that...

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The 3-Question-Check For Deciding to Make a Building Insurance Claim

building insurance claim questions property management guideIf you have damage to your main property fabric, then it may be worth an insurance claim to get the repair costs covered. This is applicable for both residential and commercial properties, and focuses on damage to the actual property through the building insurance, rather than your own personal or business items through contents insurance. 
 
So you might have roof tiles falling off and needing repair, or a water leak from under your bath and shower chasing issues, not to mention of course any break-in damage. This can also involve other properties in shared development so a flat below affected by a water leak, or adjacent office unit by a shared damaged roof areas. 
 
When looking to see if a building insurance...

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Oops, When Insurance Cover is Different to Repairing Liability

insurance repairs property management guideA critical distinction when looking at what a building insurance will cover for damage to a tenanted property, is what parts of the building are covered, which can be different to what the tenant is directly responsible for under their lease. This may come across as unnecessary detail when it comes to insurance covering a claim for damage, but it’s amazing what confusion it can cause.

Let’s take an example of a block of flats, where in actual fact the tenant owns an individual flat through a long lease, something I came across a few years ago. Now assume a break-in as they are unfortunately are on the ground floor, where a side window is broken and the burglars gain entry to steal a TV.

3 Stages to Get Right

In terms of who carries out...

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