Property Owners Insurance is often purchased purely on price/premium. This is obviously very important as no-one wants to pay over the odds, however the cover is so often overlooked. There are many areas that need to be carefully examined when cover is being arranged - after all the protection of your property is paramount. We at Bromwall will guide you through the process and make sure your cover reflects the level of protection you require. Insurance valuation services are available and we will advise you accordingly so as to avoid being underinsured.
Ensure your re-building cost is correct - If this is incorrect your property owners insurance will be subject to average and you could be faced with paying out to re-instate some of your property at your own expense.
Listed and heritage properties - make sure insurers are aware and check your sums insured. Listed properties can be very expensive to re-instate and the time involved in reconstruction can be long. Make sure if you have tenants, the correct loss of rent period is covered.
Day one provision - Insurers will normally allow a day one + 15/25/35% uplift. In the event of a claim the sum insured is automatically uplifted to allow for inflation and increased re building costs. NOTE: The day one figure must be accurate, loss adjusters can subject a claim to average if the day one figure is not correct.
Ensure you have included a loss of rent provision if tenants occupy the premises.
Take a non invalidation clause - this is often free in property owners insurance and could save you from having your policy treated a null and void in the event of a claim if the cause of the loss is due to a tenant invalidating your policy.