Will it be twice as bad?

Experts have warned that the current crisis from the Pandemic could result in twice as many redundancies as there were in 2008 – 2009 as a result of the Global Financial Crisis! A survey carried out by the British Medical Association  (BMA), found that 80% of 500 GPs and hospital consultants  surveyed believed a second wave is “likely” or “very likely” to happen.

That will mean a lot of people out of work and a lot of negative consequences as a result. When people are out are of work, inevitably all roads lead back to some sort of effect on the housing market. Tenants can no longer afford to make their rental payments,  home owners can fall short on their monthly mortgage payments and risk losing their homes. These two scenarios played out heavily during the 2008 financial crisis, and when this happens the length and breadth of the country, it means there are more and more empty properties. When there is more and more empty property on the market, then landlords and property owner will need to start think about insurance for empty property & cover level on their property:

  1. Insurance for empty property
  2. The reduced levels of cover to their building

These two important factors ring true for both Commercial & Residential Property. Small business are already under strain that they have not felt in their working life times, and the knock on effect has resulted in more and more closures on our high street. The same can be said for residential tenants, and with the apparent onset of some further lock down measures being introduced, the more jobs will be lost meaning more stress is placed meeting rental obligations. Incredibly bleak outset it seems.

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Insurance under one roof

We are specialists in many types of insurance

If you are a property owner, no doubt you have been preparing for this or are at least very aware of this. Experts have warned that the next wave of coronavirus will peak over the next 6 months, which brings us into March 2021.

What should you do with your insurance?

Now would be a very good time to check with your insurance broker to see what exactly you are covered for in the event of your property becoming empty. Ask them will there be any additional premium required, will they continue to cover the property long-term as an empty premises and what conditions might they impose. Asking these questions now will mean you are prepared and not faced with extra premium and added pressure when you are not expecting or prepared for it. You should also now think about insuring your property on Direct Debit and perhaps take avail or a payment holiday during the year if you are unable to meet your obligations. These are the basics when managing your insurance policies and protecting your assets, but can be very helpful and should be considered over the next few weeks and not left until we are in the middle of another coronavirus wave.

If you are unsure about what cover is available to you for both commercial and residential properties, give us a call. We have access to market leading underwriters who can give extra cover for empty properties at reduced premiums. Call 0800 085 3761. 

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Home Insurance

Holiday-Home-Insurance

Residential Landlord

Land Liability

Commercial Property

Why choose the Property Insurance Centre

Independent advice by approachable staff online or by phone

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Specialists in Commercial & Residential Insurance

We have over 40 years experience as Residential and Commercial Insurance Brokers. We find the right policy to suit your needs and understand the risks that a property owner can face in the course of ownership. We work closely with our Insurers to get the best rates and our experience and excellent relationships with them mean that we can provide cover for even the most difficult to place risks.

Whether you have an adverse claims history, a high value property or a large portfolio of properties, we can source suitable cover for you. Whatever your requirements, we can tailor a specialist property insurance policy to suit your exact needs and provide you with a range of quotes to choose from. Established in 1976, we are not a call centre but a specialist insurance broker with a traditional office mentality, where the client comes first.

Looking for a quote now? Give us a call on 0800 085 3761 or complete one of our quote request forms.

We are also authorised and regulated by the Financial Conduct Authority and you can view our registration here.

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Call Us on 0800 085 3761