June, 2015

Hamilton King Guide to Storm Damage and Insurance

Hamilton King Guide to Storm Damage and Insurance

Even in the UK, storm damage can pose a serious threat to properties. As any property developer should know, insuring against damage to the buildings in your portfolio is incredibly important. The last thing that anybody needs is to have to pay extravagant repair costs as a result of high winds or flooding. Below is a short guide to ensuring that you and your properties are prepared in case of severe weather. Contracting a Property Manager In addition to performing inspections and general maintenance, property management companies provide financial services too. This includes organising building insurance and making sure that clients are covered for every eventuality. Rely on pages like this review of Hamilton King to learn more about the company that you are about entrust your properties to. For true peace of mind, choose a reliable property management firm that can protect your assets. Make Sure You Have Cover In 2012, the wettest recorded year for England and Wales as many as 1300 customers a day claimed for storm damage from their insurers. All told, the amount that UK insurers paid out that year was as high as £1.19 billion, so make sure that you are amongst those able to make a claim by getting comprehensive buildings cover. The weather might have been particularly harsh three years ago, but insurers are always expecting the next big storm to hit and are prepared to help millions of customers across the country recover and start rebuilding their homes and businesses. As a landlord, be prepared for the next time a big weather front moves in. Making a Claim for Storm Damage Getting building cover from an insurer is a straightforward process, and most policies automatically cover damage to the property as a result of storms, however a common sticking point between insurers and their clients is reaching a common definition of what a storm might be. Typically, a storm is considered a storm for insurance purposes when it exceeds a certain high value on the Beaufort Scale, which assigns wind speeds a value between 0 and 12, with 12 being assigned to the strongest gale force winds. When making a claim for storm damage, you will soon discover that wind speed is critical to determining whether the claim qualifies. If your property has been damaged during a storm but your insurer deems the wind speed to be too low, no...

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