July, 2015

Hamilton King Highlights the Cost of Escape of Water Damage

Hamilton King Highlights the Cost of Escape of Water Damage

It goes without saying that buildings insurance is one of the staple requirements of successfully managing a property. Covering everything from fire damage to break-ins and vandalism, buildings insurance will prove invaluable, should a disaster strike. Hamilton King, a property management company has developed this guide that takes an in depth look at one aspect of buildings insurance that every landlord should ensure is written into their policy – escape of water damage. What follows is a breakdown of escape of water damage policies, and the extent of the costs should your policy not cover escape of water. Property Management Hamilton King is a property management company based in Enfield, North London. The role of a property manager can cover a variety of tasks that landlords with large portfolios would otherwise struggle to find the time to complete. For instance, a property management company may perform all necessary health and safety inspections, as well as the necessary wear and tear maintenance that landlords can expect. Getting Covered Buildings insurance for landlords is usually a different kind of policy than that given to homeowners, because you have an extra factor to worry about – your tenants. Many products exist on the market to give landlords a full range of options, but it is important that you do not try to save money now by purchasing a cheaper policy, only to lose out later on when you try to make a claim. Also, if you are renting your own home out, you need to inform your insurer otherwise it will invalidate your current policy. Typically a good landlords’ buildings insurance policy will cover everything from public liability, to avoid nasty personal injury claims, right the way through to loss of rent and emergency repairs. If in the case of furnished properties, you might want to take out contents insurance for your furniture too, to be replaced on a like-for-like basis if needed. Finally, make sure that the insurance policy you choose covers escape of water damage, which is different to other types of damage caused by water. Defining the Damage Reading the terms and conditions of every insurance policy you take out is going to be vital to ensuring you can make a claim. Water damage is separated by most insurers into three distinct causes, and not every policy will cover each kind of damage. A regular misconception occurs during particularly...

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