Residential Property Owners

RESIDENTIAL PROPERTY INVESTORS & OWNERS

Whether you rent-out a single residential property or hold a portfolio of residential properties, Rowlands & Hames can assist.

With breadth of cover in mind at all times, we can provide competitive quotations from a range of recognised insurers who continually demonstrate a consistently good claims service with flexible underwriting.

Cover can be arranged with individual policies per property but for ease most profperty owners prefer a single policy, with the benefit of a single renewal date, with all their properties included on the one policy, thereby benefiting from size and economies of scale discounts.

Taking out a policy with us also comes with the peace of mind that our years of experience brings. Incidences of weather damage, fire, flood, the actions of tenants and vandalism are no strangers to us.

We also know the many regulations that need to be complied with regarding your responsibilities as a residential property owner.

Property Damage

Make sure your property is insured for the full cost of rebuilding and not the market value.

This is because the cost to rebuild your house is often cheaper than the market value. However, the rebuilding
cost reflects the cost of building materials and labour instead.

Here are some of the things you need to allow for:

• the cost of removing debris
• fees for lawyers, architects, surveyors and consulting engineers
• walls, gates, fences, outbuildings and annexes
• drives, car parks and swimming pools
• interior decorations.

We also recommend that you obtain a professional valuation by a member of the Royal Institute of Chartered Surveyors.

Protecting the building itself

As you know, the fabric of the building is your property’s main asset, so it’s essential to have comprehensive cover.

Generally Buildings cover automatically includes Subsidence cover and Accidental Damage cover.

Terrorism cover is also available as an option.

Taking good care of your property’s contents

If you provide your tenants with either full or partly furnished premises, we suggest you look at taking out Contents cover for furniture, fixtures and fittings, and insure them for their new replacement value.

Protecting your Rental Income (Revenue)

We can also assist in guarding your property against a fall in income.

Policies generally provide for Loss of Rent and Alternative Accommodation Expenses cover option is usually automatically set at 20% of the building’s Sum Insured.

If your property proves uninhabitable due to an unforeseen accident and repairs need to be made, you can
recoup the rent that would have been owing to you while the work is being done.

This will cover:

• loss of rent to you or the cost of reasonable alternative accommodation to keep a good tenant housed
• temporary storage of your furniture
• alternative accommodation for your tenants’ pets.

Protecting your Legal Liabilities

The life of a residential property owner is never dull.

Particularly when it comes to keeping track of the growing number of increasingly complex laws and regulations that
affect many aspects of property ownership.

Your duty to protect tenants from carbon monoxide poisoning caused by poorly maintained gas boilers being
just one high-profile example.

The need to take legal advice or pursue or defend your business interests has never been greater. So please consider
our range of covers.

Property Owner’s Liability

This policy covers your legal liability for death or bodily injury caused to members of the public and for loss or damage
to property not owned by you or in your custody or control.

The standard cover is £2m but often now £5million, with an option to increase to £10million.

Cover also includes your legal liability:

• for obligations under the Defective Premises Act
• for gas safety (installation and use) regulations 1998
• for accidental damage to vehicles or personal belongings not belonging to you
• for legal expenses arising from health and safety legislation.

Employers’ Liability

For larger property owners who employ caretakers or maintenance people or even where there are just two directors or more, Employers’ Liability is cover required under law relating to compulsory insurance for injury to employees.

You are legally required to insure your liability for a minimum of £5million but most policies cover you for up to £10million
at no extra cost.

This cover also includes:

• the costs and expenses in respect of any one claim or series of claims arising out of one cause
•   he legal costs and expenses in defending prosecutions under all relevant UK Health and Safety legislation.

Protecting you against Legal Action

Property owners are faced with an increasingly complex legal environment with many laws and regulations.

The potential need to take legal advice or pursue or defend interests has never been greater. So whether it be the actions of squatters or planning issues, insurers generally offer a legal protection package that protects you against the extra, and often unbudgeted cost of legal services.

Property Protection

Covers legal costs arising from a variety of incidents in connection with the ownership and leasing of residential
property.

In respect of civil cases, the cover is subject to the case having prospects of either winning or making a successful
defence.

Residential Repossession

Generally an optional extension, this protects your legal rights in trying to gain possession of your residential property. Including the eviction of squatters and the recovery of any rent owed to you.

Tenant Default (Rent Indemnity)

Again, optional, If a tenant has defaulted on their rent and refuses to pay any further money, this would pay you the rent a tenant owes up until the time that the property is vacant - see policy wording for more details and restrictions.

Legal Defence

This cover will defend you if any criminal action or specific civil action is taken against you, or an employee acting on your behalf, for any non-motor related incident arising in connection with the ownership of your property.This includes cover in the event of prosecution under Health and Safety legislation, data protection rules and in cases of wrongful arrest. Cover includes appealing against the imposition of a statutory notice issued under legislation affecting your business.

It will also provide you with defence against civil proceedings taken out against your employees if they are drawn into a
dispute over an accusation of discrimination.

Contract Disputes - usually optional

This cover is designed to help you negotiate disputes relating to a contract you have entered into with a customer or supplier for the purchase or sale of goods or services over £250.

Debt Recovery - usually optional

Your policy can be tailored to include cover to negotiate your legal rights. It includes the enforcement of judgments to
recover money and interest due from a customer or supplier following the sale or provision of goods or services - see policy for restrictions and conditions.

Tax Protection

This cover will enable us to represent you in appeal proceedings with HM Revenue & Customs in a full aspect
enquiry following your corporation tax self-assessment return and representation for appeal proceedings in respect
of Value Added Tax due.

Employment Disputes and Compensation Awards

As you probably know, employment law is always changing and has become increasingly complex and confusing in
recent years.
 

Engineering Cover - Optional

Equipment such as heating and ventilation systems and passenger lifts can often need attention.

This optional cover ensures that things can be put right if breakdowns occur due to mechanical or electrical defects.

Quotations

For up to 10 residential properties

Please contact Liz Kelly on 01253 598958 or email liz@rowlands-hames.co.uk or Daniel Brookes on 01253 598950 or email daniel@rowlands-hames.co.uk

For 10 or more residential properties

Please contact Trevor Taylor Dip CII on 01253 598955 or email trevor@rowlands-hames.co.uk or Tony Swallow on  01253 598954 or email tony@rowlands-hames.co.uk