Latest From The Blog

28 07, 2022

Residential landlord insurance pitfalls

2022-07-28T14:11:41+00:00

Residential Landlord Insurance Common Pitfalls The common pitfall for residential landlords insurance would be changing your tenants. I think this is a major pitfall for landlords using residential landlord insurance. Statistics show that professional tenants have fewer claims than maybe the likes of DSS tenants. A common pitfall would be if you're midterm on a policy, and you change the tenant, your insurer has given you a premium calculator for a professional tenant, and then all of a sudden, you change your tenant type to a DSS tenant. There's no issue with that, it's just that some insurers do not accept DSS tenants. What you should do is always check with your insurer, always ring up your broker first say, "Look, I'm getting a new tenant type. Do you agree with this type of tenant or is this allowed with this particular insurer?" And at that stage, they can [...]

Residential landlord insurance pitfalls2022-07-28T14:11:41+00:00
11 07, 2022

Unoccupied residential property insurance common pitfalls

2022-07-28T14:25:41+00:00

Unoccupied residential property insurance common pitfalls Common pitfalls with unoccupied residential property insurance would be normally around a customer not fulfilling the stated conditions. So from a customer perspective, they are most likely unaware that they are not fulfilling the terms of their unoccupied residential property insurance policy conditions. So, whenever you have an occupied property and unoccupied property, insurance will apply certain conditions on it. You must seal the letterbox You must drain down the water tanks Turn off electricity And most importantly, you must keep a log of every time you visit the property, and you must do so normally every 14 days, maybe 21 days at the most. Get a Quote Insurance under one roof We are specialists in many types of insurance The [...]

Unoccupied residential property insurance common pitfalls2022-07-28T14:25:41+00:00
28 06, 2022

Commercial property insurance-a costly common pitfall

2022-07-11T10:12:38+00:00

Commercial property insurance-a costly common pitfall The pitfall around commercial property insurance is one that a lot of commercial property owners misunderstand. This common pitfall is really all about understanding the language around what insurance companies use when they list the perils on a policy. When we say perils, I mean, what you're covered for. When you get an insurance policy, you'll go to your list of perils covered and it will give you a long list of what's actually on there. Things like accidental damage, storm, flood- we all know what that is. Get a Quote Insurance under one roof We are specialists in many types of insurance Commercial property insurance - loss of rent is quite an ambiguous term A common one would be loss [...]

Commercial property insurance-a costly common pitfall2022-07-11T10:12:38+00:00
16 06, 2022

Block of flats insurance pitfalls

2022-07-25T11:45:08+00:00

Block of flats insurance pitfalls Block of flats insurance pitfalls hot topic = underinsurance First thing- a very large and important topic at the moment is underinsurance. As you know, last year has resulted in the costs of building materials rising due to, obviously, supply and demand issues and currently, obviously, there's a war going on with Ukraine and Russia. All these things combined creates a perfect storm with regards to building costs and supply issues, etc. That's resulted- especially since the pandemic it's resulted in costs going up, possibly between 20 to 30%, for different types of building materials. As a result of this, what we've got in the UK at the moment and Northern Ireland. It's a lot of building materials, and buildings themselves, especially blocks of flats are now underinsured. Get a Quote Insurance under one roof We [...]

Block of flats insurance pitfalls2022-07-25T11:45:08+00:00
11 05, 2022

The UK’s monetary regulatory authority has actually cautioned that “su…

2022-07-11T12:15:03+00:00

The UK's monetary regulatory authority has actually cautioned that "substantial" intercession could be needed to deal with the skyrocketing price of insurance coverage for renters in skyscrapers following the Grenfell Tower disaster. The structure security dilemma in the of the 2017 fire in a London block that left for dead 72 individuals has actually caused insurance firms drawing back from multi-occupancy structures, or billing a lot greater costs to cover prospective payments. In a letter sent out on Tuesday to Michael Gove, Secretary of State for Levelling Up, Housing and Communities and Minister for Intergovernmental Relations since 2021, the Financial Conduct Authority's executive supervisor, Sheldon Mills, claimed cost rises can be an outcome of insurance providers "shying away" due to the expenses of making structures secure. Proprietors normally take out the plan, which can cover several structures, commonly with the solutions of a broker.

The UK’s monetary regulatory authority has actually cautioned that “su…2022-07-11T12:15:03+00:00
17 02, 2022

What Factors Influence the Cost of Commercial Property Insurance?

2022-04-26T13:26:09+00:00

 What Factors Influence the Cost of Commercial Property Insurance?  Commercial property insurance protects landlords who rent out their property for commercial purposes. This type of insurance policy is required due to the wide range of costly incidents that can occur when you allow another party to occupy the commercial property, such as a steel structure or barn. This coverage is also known as commercial landlords' insurance. To obtain this type of insurance, the lessor must enter into a formal rental agreement with its tenant, naming itself as the lessor and the occupying organization as the tenant. For around 300 years, insurance underwriters have used four factors to determine what your premiums for commercial property insurance are, and we'll go over these four factors, which you can remember in a simple acronym called cope C-O-P-E, which stands for CONSTRUCTION, OCCUPANCY, PROTECTION, and EXPOSURE. Get a Quote [...]

What Factors Influence the Cost of Commercial Property Insurance?2022-04-26T13:26:09+00:00
30 11, 2021

8 simple property insurance mistakes you don’t want to make

2021-11-30T10:24:54+00:00

8 simple property insurance mistakes you don't want to make Homeowners who make errors when purchasing an insurance policy may have their claims denied, even if the errors are not their fault. Even mistakes made when purchasing a home insurance policy through price comparison websites are accounted for, even if they are not the customers' fault. The problem is that an insurer believes they were not informed of a "material fact" about a property. What constitutes a significant factor varies by insurer, but it is basically anything that would cause them to refuse to insure you. Here are a few examples that occur frequently: 1. The property's age If an insurer discovers that an edifice is more recent than it appears, the initial offer will be lowered because the house is regarded as less risky. If a claim is made, the insurer has the right to deny it if [...]

8 simple property insurance mistakes you don’t want to make2021-11-30T10:24:54+00:00
4 11, 2021

Insure Our Future campaign’s report

2022-04-26T13:29:57+00:00

Insure Our Future campaign’s report The Insure Our Future campaign has published its 2021 strategic plan on insurance, climate change, and fossil fuels; this is the organization's fifth annual report on insurers' climate policies. "Insurance Business" describes the results obtained by 30 insurance companies in the most recent rankings in this section. The German group Allianz is leading the pack in terms of phasing out fossil fuel insurance; the French companies SCOR and AXA in terms of divestment in fossil fuels; and Aviva, headquartered in the UK, emerges as the leader compared to other climate leaders. Get a Quote Insurance under one roof We are specialists in many types of insurance The following companies are doing well, according to Insure Our Future, a study on the role [...]

Insure Our Future campaign’s report2022-04-26T13:29:57+00:00
28 10, 2021

Here’s what you need to understand and insurers and risk management

2021-10-28T12:01:44+00:00

Insurers have a very black and white view of risk. They ask, "Is the property occupied?" This means whether or not there is someone in there and whether or not there are daily activities there. As a result, most of the time, insurers use their experience to ask clients, "Is the property occupied?" The builders are there every day, so the property is occupied, prompting questions such as "No, are you there?" "Is anyone trading here?" and "Is the property rented?" And you get a lot of responses because they know that if a property is empty, the risk increases and their premium rises. So insurers are very black or white, it's either empty or it's not. Are you trading or not? If you're not, you're going to have to pay an extra premium for a simple level of cover. Or if they're there, and they're trading in some [...]

Here’s what you need to understand and insurers and risk management2021-10-28T12:01:44+00:00
13 10, 2021

How your tenants habits can affect your landlord’s insurance

2022-04-26T13:55:44+00:00

How your tenants habits can affect your landlord's insurance We all have personal habits. Some are more desirable than others and some are considered not only to be unhealthy but they may also affect your landlord's insurance policy. Take two minutes to find out how! Is the professional tenant's habit, such as smoking or drinking alcohol, a risk factor for the premises? Not surprisingly, smoking causes a large portion of the fire risk. Lying on the sofa with a cigarette in one hand and not putting it out, can result in a house fire. And those are at the top of the list because they are fairly common. So what a lot of insurance companies are doing is putting a little clause in the insurance policy saying that you must not smoke in your rental agreement, which is becoming more and more common. If a claim is made it [...]

How your tenants habits can affect your landlord’s insurance2022-04-26T13:55:44+00:00
8 09, 2021

How do insurers manage uninsured properties post-lockdown?

2022-04-26T14:16:25+00:00

How to manage the increase in the number of insurance applicants after lockdown? Due to COVID-19, lockdown and the effects on the economy, many people are not sure of their own financial positions. Their job may have been under threat or they weren't sure of their financial future. There has been a lot of uncertainty. So we had found when we came out of the pandemic, we ourselves decided to come back into the office and the easing of the lockdown restrictions of the pandemic, we got a flood of business. One of the key questions in insurance is: "How long have you owned the property and how long has it been between your last policy? So basically, has it been uninsured?" And quite a lot, I would say 30 to 40% of the time, are a new business where our customers who had not insured over the previous [...]

How do insurers manage uninsured properties post-lockdown?2022-04-26T14:16:25+00:00
27 07, 2021

How insurance has been affected by the pandemic

2022-04-26T14:21:27+00:00

Here are some ways how insurance has been affected by the pandemic With the larger insurers- I must admit, the likes of Aviva, the Axis and Ageas, the biggest impact I've seen is really they're just scaling back the risk. So we get a lot of renewals, the large composite insurers, which are the Aviva's and Axis, and all that type. Ageas. They're scaling back their risk exposure. So they're not keen on offering renewals. Scaling back risks That's obviously due to the pandemic, a direct result of the pandemic in the sense that they've had large business interruption claims that they're possibly going to have to payout. So perhaps maybe, they have a risk, where- I'll just take a simple example. Maybe a property is right beside the sea. They see that now as a risk or more of an exposure than before quite simply because there's a [...]

How insurance has been affected by the pandemic2022-04-26T14:21:27+00:00
12 07, 2021

How Brexit might affect your Northern Ireland property insurance

2022-04-26T14:22:53+00:00

How Brexit might affect your Northern Ireland property insurance Brexit has certainly influenced some changes. Albeit at the moment, we're not really clear where we are, from an insurance perspective, because in the past, what we did do and what large insurers and reinsurers did was in the European - in the old EU, was simply trade freely so- we had a UK insurer could insure risk in Europe, and vice versa. And there were no real issues. But now, obviously, there are different regulations, or there will be different regulations. There has to be an agreement between the EU and the UK, as to how freely they can continue out those sorts of operations. So if you take a simple example, if you have an insurer in the past, who is insuring your risk in Europe, neither having the passport into what's essentially a third area, a third [...]

How Brexit might affect your Northern Ireland property insurance2022-04-26T14:22:53+00:00
2 06, 2021

Increase in unoccupied commercial properties due to Covid-19

2021-06-02T08:29:11+00:00

Increase in unoccupied commercial properties due to Covid-19 Many businesses in the UK and around the world have remained closed due to government directives and restrictions imposed following the COVID-19 lockdown, leaving large numbers of businesses and commercial buildings vacant. Whether temporary or permanent, unoccupied buildings are more vulnerable to water leaks, arson, vandalism and theft. Even after businesses reopened, many employees and businesses continued to work from home. This also results in commercial buildings being unoccupied. If your commercial buildings remain closed, you must respect the vacancy conditions of your insurance policy. The wording of your policy should contain the specific requirements set out by your insurance. Most policies state that you will not be covered if you violate these conditions. According to Retail Gazette magazine in one of its articles: “With the UK going in and out of lockdown since March of last year, thousands of stores [...]

Increase in unoccupied commercial properties due to Covid-192021-06-02T08:29:11+00:00
26 04, 2021

Need to make a claim?

2022-04-26T14:26:55+00:00

Need to make a claim - Aspray could help? We recommend Aspray if you make a property damage insurance claim. Aspray could help you gain a fair settlement from your insurer and then reinstate your property back to its pre-loss condition using their vetted sub-contractors. Call 0800 077 6705 and quote ‘Property Insurance Centre’ #AsprayCouldHelp We recommend Aspray’s award-winning service, which features the use of their own vetted sub-contractors to help get your property reinstated, with as little fuss as possible. Call 0800 077 6705 and quote ‘Property Insurance Centre’ #Aspray #PropertyDamage #Property Have you heard of Aspray? We recommend you keep them in mind if you need to make a property damage insurance claim. They are Loss Assessors who work in your best interest at the point of claim, helping you to get the best settlement possible from your insurer. Call 0800 077 6705 and quote ‘Property Insurance [...]

Need to make a claim?2022-04-26T14:26:55+00:00
16 04, 2021

Working in sheds and garages during the pandemic poses an insurance risk

2021-04-16T12:22:46+00:00

Working in sheds and garages during the pandemic poses an insurance risk Our habits have changed since the arrival of the Coronavirus and many people now work from home. Some have even converted their sheds, garages, or summerhouses into offices and according to an insurer's statement more and more people expect to do so. According to a survey conducted by the insurance company Aviva, the proportion of people that are incorporating a dedicated office in the home is also increasing. This is convenient but risky at the same time because some workers may not be covered by home insurance in the event of a problem. Most people choose to fit out their homes and work in what is called Shoffice. Get a Quote Insurance under one roof We are specialists in many types of insurance [...]

Working in sheds and garages during the pandemic poses an insurance risk2021-04-16T12:22:46+00:00
25 03, 2021

Why directors and officers liability insurance for blocks of flats is essential?

2022-04-26T14:28:58+00:00

Why Directors And Officers Liability Insurance For Blocks of Flats Is Essential?  Mistakes made by officers and directors can be held against them, and they should understand and be aware that the law applies to everyone even if you are the director or officer of an RMC, an association of residents or of an RTM company and that of a large company. Despite this, there are still those who do not consider protecting their personal wealth with directors and officers’ policy. The directors and officers of an RMC, a residents' association or an RTM company are those who are covered by directors' and officers' liability insurance also known as management liability insurance, which protects them from errors or mistakes allegedly made in the management of the building for which they are responsible. This also includes legal defense and costs and awards made against them. Get a Quote [...]

Why directors and officers liability insurance for blocks of flats is essential?2022-04-26T14:28:58+00:00
1 03, 2021

What is unoccupied commercial property insurance?

2022-04-26T14:32:42+00:00

What is unoccupied commercial property insurance? Jackie De Burca So, Robert, for those of us who need an introduction about unoccupied commercial property insurance, can you explain please? Robert Fisher Certainly. So, unoccupied commercial property insurance- basically, it is what it says on the tin, I suppose, but there are a few key elements to it that differ slightly from an occupied commercial property insurance product. The main ones being that, firstly, the cover is less, and normally the premium is more. So, that's the main essential part to an unoccupied product. When I say the cover is less, you have all of your standard perils or causations. For example, fire and flood, malicious damage, storm, whatever it may be- theft, all the usuals. So you have those on a normal policy, but for an unoccupied commercial policy, your coverage is limited to fire, lightning, earthquake and explosion only. [...]

What is unoccupied commercial property insurance?2022-04-26T14:32:42+00:00
1 03, 2021

Working from home insurance and other concerns

2022-04-26T14:35:57+00:00

Working from home insurance and other concerns The health crisis we are going through has forced many employees to switch to 100% teleworking, sometimes in far from optimal conditions. As the majority of workers have always been used to working in offices, this has come as a shock to many. For managers and employees, this presents major challenges. Questions arise around the challenges, and it is also necessary to consider issues such as working from home insurance. The costs associated with working from home Before the lockdown, the majority of companies said they did not feel ready to implement the changes related to teleworking. In the rush, they had to get started. Even if the current crisis may have removed some brakes, the list of obstacles is long and often linked to costs. Confusion: the training of managers, the cost of training for all (sales team, tools, modes of [...]

Working from home insurance and other concerns2022-04-26T14:35:57+00:00
9 02, 2021

Asylum seeker tenant insurance

2022-04-26T14:38:52+00:00

Asylum seeker tenant insurance As a landlord, there may be occasions when you are offered asylum seekers as tenants while long term/permanent accommodation is sourced for them. Property Insurance Centre are now able to offer insurance cover specifically for that type of tenant. This will give you peace of mind knowing that all the essentials are covered such as buildings, contents and property owners liability. We can also offer accidental damage cover. Since 1976 Property Insurance Centre have offered specialist commercial insurance for landlords and business property owners. We have a dedicated new business team that offer the best advice and will ensure that you get the best cover for the best price available for Asylum Seeker tenant insurance. Call Claire, Robert or Gavin today on 0800 085 3761. Get a Quote Insurance under one roof We are specialists in many [...]

Asylum seeker tenant insurance2022-04-26T14:38:52+00:00
8 02, 2021

Buy let advice property managers UK

2021-08-11T12:13:26+00:00

15 Buy to Let Property Managers UK Tips 1- Changes to tax relief for mortgage interest Since April 2017, the tax breaks on mortgage interest have been gradually phased out by the government and the proportion authorized to be deducted is gradually decreasing each tax year. This will peak at the start of 2020-2021 and only a lump sum credit of 20% of mortgage expenses can be deducted from rental income when filing the tax return. These tax relief changes have caused differences of opinion and created controversy, and have long been one of the primary reasons landlords sell their buy-to-let. Discover the government information about tax relief here. 2- Prohibition of rental fees A ban on charging tenant fees was imposed on rental agents in England and Wales in 2019. Deposits capped at five weeks 'rent or six weeks' rent have been questioned in England due to changes [...]

Buy let advice property managers UK2021-08-11T12:13:26+00:00
25 01, 2021

Exhibitors insurance UK

2022-04-26T14:40:45+00:00

Exhibitors Insurance UK If you are about to or regularly attend exhibitions we offer insurance that protects visitors and staff at your stand. You can add up to £10 million of public liability cover to your policy giving you peace of mind should a third party decide to make a claim against you. This liability cover also covers your employees while they are working at your exhibition stand. Standard features include cover up to £10,000,000 for Public Liability. Employers Liability can also be included up to £10,000,000. Optional Extras include Equipment cover up to £10,000, Cancellation, abandonment & postponement cover. Perfect for trade shows, craft shows, car shows, stallholders and it is likely that the organiser will require you to have public liability insurance. You can choose what parts you want to insure against. Learn more about Shop and Business Insurance Get a Quote [...]

Exhibitors insurance UK2022-04-26T14:40:45+00:00
10 12, 2020

Buying a house

2022-04-26T14:42:25+00:00

Buy House Insurance when Contracts Exchange Buying and selling a house can be one of the most stressful things you can do! The experts say it's sup there with getting married and packing a young family off on a foreign holiday! There are so many things that you need to organize and quite simply not enough hours in the day, to get them done. An important consideration that we all really should put at the top of the list, is house insurance. Let's face it, you wake up one day and think, mmh, "buy house" but rarely we think of the house insurance. All of that running around, doing this & that, meeting with solicitors accounts for absolutely zero if your house goes up in smoke. This piece is designed to give some simple, straightforward clarification, that every home owner ought to know. If you don't know who should [...]

Buying a house2022-04-26T14:42:25+00:00
17 11, 2020

End of tenancy

2022-04-26T14:46:30+00:00

End of Tenancy More than ever before the end of tenancy can have a significant impact on what lies ahead for landlords of commercial property or residential property owners. At this time the stakes have never been higher, with an increase in tenants on the residential letting side unable to pay their rent as a direct result of the pandemic & job losses. With landlords simply unable in many cases to evict them, the end of tenancy may come as a pleasant relief for some landlords – they may be able to re-let or at least advertise for a tenant that will keep the cash flow coming in their direction. However, most landlords will inevitably deal with some level of unoccupancy for at least a limited period of time, others may experience much longer periods of unoccupancy. This not only causes the obvious headache with a much reduced income, [...]

End of tenancy2022-04-26T14:46:30+00:00
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