December, 2014

Hamilton King Explore the Property Insurance and Fire Safety Responsibilities of Freeholders and Property Managers

In leasehold buildings, where a property manager such as Hamilton King is in place, the property manager in essence takes responsibility for all aspects of running and maintaining the building and the leasehold, which would otherwise be the responsibility of the freeholder or landlord. In day to day terms, leaseholders can turn to their property managing agent with any queries or issues they would raise with their landlord and can expect the property manager to carry out all repair, maintenance and accounts work as stipulated in their lease. Property managers are usually employed when a landlord or freeholder is either unable or unwilling to take hands on responsibility for the daily running of their property. The property manager is required to make regular reports to the landlord on the status of each property. All responsibilities of the property manager will be clearly set out in the lease to ensure tenants know exactly what they have a right to expect. A Hamilton King online profile will offer more information on any aspect of property management and buildings insurance which is not covered in the following paragraphs. One area which property managers have responsibility is in relation to buildings insurance and fire safety. Buildings insurance is usually included in the service charge paid by leaseholders and what is covered should be clearly explained within the agreement. Freeholders or landlords are not responsible for contents insurance, which should be purchased individually by each leaseholder. The freeholder or property manager is also responsible for carrying out regular fire risk assessments and ensuring that each property is equipped to deal with fire in terms of escape routes, extinguishers and other instructions and equipment. The Difference between Buildings and Content Insurance The easiest way in which to figure out what is covered by buildings insurance and what is covered by contents insurance is to imagine picking up your property and shaking it. Everything which would fall out comes under contents and everything which is attached comes under buildings. All structure, fixtures and fittings are covered under buildings insurance which as a leaseholder forms part of the service charge and will usually be organised by the freeholder or property manager. Buildings insurance does not necessarily equal the actual value of the home, but instead how much it would cost to rebuild the property from scratch. Buildings insurance protects the property from damage caused by fire, flood...

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