10 More Tips that will ensure you get the most from your rental / investment property insurance policy
- If your entire property is / has been unoccupied for whatever reason for over 30 days make sure you notify your insurer / broker now
- If your property is undergoing renovation / structural alteration other than routine casual maintenance & repairs, notify your insurer/ broker now with details
- If the tenancy of your property has changed from that which is noted on your policy document / renewal notice, make changes to your policy now! It is your duty to notify them!.
- If you have not notified your insurer of any non-standard flat roof section to your property, do so now!
- Your current policy may be subject to certain fire precautions which are outlined in your policy document or renewal notice and which may be over and above that which is required by law. Make sure you read and understand them and put them in to operation without delay as failure to comply may result in declinature of a future claim.
- If you cannot comply with the warranties / conditions / subjectivities / requirements noted on your insurance policy or renewal notice you must contact your insurer / broker now. Failure to comply with these may invalidate your policy or may affect acceptance of a claim.
- You must notify your insurer / broker of any material fact which may alter an insurers’ acceptance of the risk. If in doubt, declare the information by contacting your insurer / broker immediately.
- Always read and understand your policy document and / or renewal notice / statement of fact received from your insurer / broker. It is not sufficient to say you did not read these terms in the event of a declined claim.
- If you have recently upgraded your fire alarm system and installed smoke / heat detectors throughout your property and installed fire extinguishers / fire blankets also, make sure to notify your insurer as you may be entitled to premium discount.
- Insure your property for its full rebuilding / reinstatement value as guided by the House Rebuilding Cost Guide (www.scsi.ie) or by your Auctioneer / Valuer / Surveyor. Remember the Average Clause applies to most Property Owner / Landlord insurance policies i.e. if you are 20% under-insured, your claim may be reduced by 20%.
Insure your property with a Broker who has the experience of placing Investment Property risks on a daily basis and who knows the intricacies of being a Landlord and can advise you accordingly. Don’t be guided by price alone, have an experienced Landlord Broker behind you as well as quality insurance cover with a secure Insurer…you’ll be thankful when that first claim arrives..
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