Home and Away

The peace of mind that adequate insurance can give you when you’re away from home for long periods is priceless. Mark Daines, Private Client Director at Aston Lark shares his insights with Abode2

At Aston Lark, we appreciate that there are numerous reasons why a home may be left unoccupied for extended periods of time throughout the year.

In our experience, and as some property owners may have found, it can be difficult to find insurance cover that meets the exact requirements needed to give true peace of mind. Over the last few years, we have seen insurance premiums and excesses increase and cover reduce - with some insurers only covering the property for losses resulting from Fire, Lightning, Earthquake, Explosion and Aircraft damage.

James Robotham, Sales Director of The London Management Company, a luxury property management service based in London and Surrey, explained how these challenges form part of the service they offer: “As specialists in the management of high value properties, we are very aware of the difficulties of managing a substantial asset which is used (in some cases) only occasionally. As part of our detailed review with clients, issues surrounding insurance are often brought up and we are frequently asked to assist.”

“By using client feedback, along with speaking to insurers and brokers such as Aston Lark, we understand how all parties can work together to mitigate any losses, with a particular focus on reducing claims for escape of water. We have brought this advice into our offering and as part of our process, we encourage our clients to engage with Aston Lark who look to really understand their needs and have the appropriate market knowledge to assist them.”

The key concerns for insurers in relation to luxury unoccupied properties, and the additional cover we look to find, include:

• Increased risk of escape of water
• Increased risk of theft
• Claims not identified early
• Subsidence cover
• Flood cover
• Property Owners Liability Insurance
• Terrorism cover

The Right Cover

As an insurance broker, there are several ways we can help you manage the risks surrounding an unoccupied property. Firstly, the most important factor is to fully understand clients and their properties. This allows us to work with insurers to shape cover, and make sure it meets the nuances of a property portfolio. We’ll then make recommendations, explain why it’s the right policy and talk clients through any policy conditions

We also understand that the risk management of a property is more than insurance. By working closely with Security, Fire Protection, Water Leak Detectors and Property Management companies, we offer support in implementing the best risk management solutions for property. Working with such firms also allows us to negotiate with insurers to obtain more favourable cover and terms.

Peace of Mind

The Aston Lark private client division excels in meeting the insurance needs of private individuals and protecting their assets and their passions. We have extensive experience working with private and high-profile individuals, so understand how to provide a bespoke, discreet service.

www.astonlark.com/abode2

+ 44 (0) 20 8181 3169