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, with sub-category insurance ones here. 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.

 

7 Key Pointers to Building Insurance Reinstatement Valuations & Cost Assessments

insurance reinstatement valuation cost assessment property management guideYou’re bound to come across a ‘reinstatement valuation’ for the ‘declared value’ within the insurance policy for a property at some point.

Unfortunately, these are often ignored or glazed-over with catastrophic consequences of potential under insurance and payouts if incorrect.

Knowing what is a reinstatement valuation or rebuild cost assessment and its meaning is therefore critical.

And from a property management perspective, you often get caught in the middle of the issue.

Insurers and brokers may be coming out with information and requests on one side, and owners or occupiers forking the bill on the other.

Therefore, here are seven key pointers to not only understand what these cover but how to effectively apply then to whatever...

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Don’t Get Stung By The Building Insurers When Your Property is Vacant

vacant property insurance property management guideThis can be a real problem that people are not even aware of, or if they are, have no idea of how severe the consequences are when it goes wrong.

That’s your building insurance cover when the property is vacant with no one in occupation.

Of course even when a building is in regular use there may well be certain conditions that the insurers state, maybe after an inspection or just part-and-parcel of the cover. Maybe regular electrical tests and informing them of any material changes.

But when the property is empty, things get serious, which you can understand from an insurer’s perspective. The risk of a claim sky rockets here, not only from a higher chance of people breaking in with no one there, but when no one is present then problems...

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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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Insurance

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