Property owners insurance can be a little complicated to arrange.  Firstly, property portfolio owners face numerous risks.  Some relate to the property.  Fire, flood and water damage are three instantly springing to mind and could be particular threats for unoccupied properties.  Others emanate from tenants  – such as malicious or accidental damage, and theft of landlords’ contents.  Don’t worry. Whatever it is, Gauntlet can help cover it, with a property owners insurance policy that is right for you.

However, the problem with much property owners insurance is that portfolio holders just continually renew the same policy.  It could have been some time since they last reviewed their property insurance policy wordings.  Some risks are rising up the list of ‘big issues’ and your policy might not be best-placed in dealing with those.  Here are just some to contemplate.

Sum insured

Following high inflation and the impacts of major supply chain cost rises during the pandemic, Brexit and international wars, it is vital that property owners review their sums insured on their property insurance policy.  This may not be the easiest task and you may struggle to accurately calculate things.  Enlist our help and you will find it a whole lot simpler.  Do take this seriously, as very many properties in the UK are now underinsured and that could mean a vastly reduced amount of compensation – or even no none at all – should you come to make any type of claim.

Subsidence

This has become much more of an issue due to climate change. Intense heatwaves have left the ground beneath properties expanding and contracting and affecting their foundations.  Yours may be amongst 4.5m already at risk, or one anticipated to be at risk by 2050.  If you have property in the south, or in areas where the geology is susceptible to subsidence, you need to focus on this more. Check what your property owners insurance policy says about this and get the best quote for insurance offering subsidence protection. We can assist you with this.

Rent

In a time of economic hardship, securing rent from tenants may not be easy.  You could find yourself out-of-pocket or facing legal challenges in collecting rent.  Talk to us about insurance policies that will help protect your landlord income.  Your typical property owners insurance policy alone is unlikely to do so.

Utilities

With the cost of energy and water so high, you could potentially suffer unauthorised use of gas, electricity and water.  But does your property owners  insurance policy cover that?  You could be facing a huge bill, if someone uses your energy without authorisation.

Landscaping

Generating good levels of rental income often requires significant expenditure on outdoor spaces, in an age in which al fresco living has become so important.   What cover would your property owners insurance policy provide, if your stunning landscaping was destroyed?  If you check the small print, you may find no cover at all.

Terrorism and loss of attraction

Terror attacks are becoming more random but always make headlines. Unless you have terrorism cover for your properties, you are unlikely to be covered. Should news headlines detract from the attractiveness in living in one, or several, of your properties, a loss of income might also not be covered, unless you have the right insurance in place.

For help with all of these property owners’ insurance needs – and many others – talk to our Gauntlet Group Leeds-based team of professional commercial insurance brokers today, by calling 0113 244 8686.  With our assistance, you will get the right property owners’ insurance package for you and your portfolio and might even be able to deliver pleasant surprises in terms of the premium you will pay or discounts that we can secure.

If you prefer to find another broker more local to you, head to our Find a Local Broker page and choose someone who you think you would like to have help you.