FAQs

Is my sum insured adequate to cover my individual property and my proportion of common areas?

Unless the title deeds stipulate differently, it is your responsibility as the owner of the property to ensure your sum insured is adequate at all times. Failure to do so will result in a valid claim not being paid in full. It is therefore recommended that periodic re-assessments of the sum insured is carried out to ensure the building sum insured remains adequate

I have a buildings insurance policy with another provider and would like to insure only the common areas with R&L

It has been our experience having two policies is not cost effective and may not comply with the requirements of the title deeds. In addition policies arranged on an individual property do not always cover the common areas, in particular in the event of a large claim.

It is also a policy condition that the sum insured should represent the reinstatement cost of your property including your proportion of common areas, we would therefore need to seek Insurer approval as to whether they would agree to insure common areas only

Do I have to insure with R&L

If the title deeds stipulate a common policy requirement arranged by the property manager, the simple answer is yes.
If however a common policy is required but does not need to be arranged by the property manager; owners can collectively arrange their own common insurance policy. However you must arrange for collection and payment of the insurance premium. In addition R&L will not be able to offer assistance with any claims including common claims.

My own insurance policy includes Property Owners Liability – why do I also need cover with R&L

R&L have a minimum requirement for Property Owners Liability the common areas only as recommended by our brokers who advise many individual policies do not extend to include common areas. This cover will be arranged automatically by R&L once the development has been adopted in for full with grounds maintenance in place.  

Does cover for tenanted residential properties include cover for loss of rental income

Cover is restricted to alternative accommodation only in the event of a claim. Loss of rent is available as an alternative cover under the optional landlord extension 

My home is used as a holiday home / 2nd Home are there any cover restrictions

This property occupancy falls within Insurer definition of an unoccupied property and will be subject to increased excesses and compliance with an unoccupancy condition.  An optional extension is available to you with full details under Tenanted / Holiday & Second homes section to remove the increased excesses however the unoccupancy condition must be complied with

Does my property have full cover if it is tenanted.

Full cover is not operative as both accidental damage and malicious damage by tenant are excluded. In addition residential properties do not have cover for loss of rental income.

Why do we need to comply with an unoccupancy condition for an unoccupied properties

Insurers have advised unoccupied properties produce a higher volume of claims in terms of both cost and frequency due to the length of time a loss can go unnoticed for, Zurich’s approach is to ensure unoccupied properties are inspected on a regular basis as such inspections can reduce the inconvenience and cost of claims to both the individual property and those underneath. 

Is my Sum Insured correct

The sum insured should represent the full rebuilding cost of your property as new, including professional fees, removal of debris costs etc. It is your responsibility to ensure that this amount represents the rebuilding cost of the property and we strongly recommend that you review the sum insured on a regular basis, making any necessary adjustments. If you require guidance about the adequacy of your sum insured, we suggest that you arrange for a professional valuation to be carried out. You would have to meet the cost of the valuation yourself.

I use my property as a Holiday Let - are there any cover restrictions

This property occupancy falls within Insurer definition of an unoccupied property and will be subject to increased excesses and compliance with an unoccupancy condition.  An optional extension is available to you with full details under Tenanted / Holiday & Second homes section to remove the increased excesses however the unoccupancy condition (which includes a variation to the standard inspection frequency)