Whether you are becoming a landlord for the first time, building up or already managing a portfolio of high-value properties, insurance will be a major consideration. With many years’ experience working with architects, developers, property managers and private owners, the Fairweather Insurance team has extensive knowledge and insight into the specialist requirements for high-value properties.
With this detailed experience, we can advise on all aspects of this specialist service, whether you are seeking cover for a single high-value property or multiple properties, listed buildings, houses converted into a number of apartments or purpose-built luxury blocks etc.
A particularly lucrative growth area in recent years has been the overseas rental market, with more owners renting out and managing high-end properties. We recognise that international rentals can entail an extended search-and-selection cycle as well as multi-phased arrival, moving-in and departure activities. As that can mean longer periods of inoccupation between and also during rentals, it’s important to consider the increased risks of theft and the type of security you should have in place, backed up by a suitable insurance solution that reflects the nature and usage of the property.
Depending on how you market your property, whether you are letting as fully-furnished, part-furnished, and what you keep in storage on your own land, it will be important that luxury furniture, fixtures and fittings have appropriate cover, together with suitable consideration for more specific items such as artworks, technology, electrical items and antiques or valuables which are more portable. Similarly, with higher-end properties there can be extensive grounds, gardens, landscaping and sculpture, stables, summer-houses or pool houses that should be included.
In addition to covering accidental damage and theft, policies can protect you against circumstances such as intentional or malicious damage and tenants ‘redecorating’ or ‘remodelling’ your property (it happens, even in the most expensive rentals…). Additionally, as a landlord, if the property becomes uninhabitable as a result of any event such as fire, storm or flood, cover can include a provision for the associated loss of rental income and the increased costs around relocating any existing tenants.
Whatever type of property you want to let out – or are considering renting out – the Fairweather Insurance team can advise on the most appropriate policy and, more importantly, we can arrange a customised policy for you. We can develop individual policies or cover a range of properties on a single policy, with flexible arrangements to add more properties as you grow your portfolio.
When it comes to supporting landlords with high-value properties, non-standard situations are simply standard for Fairweather Insurance!