Make Protecting Your Luxury Unoccupied Property Easy – Insurance And More

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, Lightening, Earthquake, Explosion and Aircraft damage.

We spoke to James Robotham, Sales Director of The London Management Company, a luxury property management service based in London and Surrey with a portfolio of over 100 properties. He 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 knowledge/markets 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

For more information on each of these cover elements please see here

How Aston Lark can help you get 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 thing we do is to fully understand our 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 will then make our recommendation, explain why it is the right policy and talk you 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 will support you in implementing the best risk management solutions for your property. Working with such firms also allows us to negotiate with insurers to obtain more favourable cover and terms.

James Robotham from the London Management Company explains the benefits of this approach: “Our main service involves regular checks and thorough reporting, combined with a detailed ‘Planned Preventative Maintenance’ schedule, as this helps to mitigate the risks to insurers. We are not simply limited to checking and reporting on a property but also provide and manage staffing, security, fire protection, water leak protection and other lifestyle-associated tasks, allowing clients to use their property satisfied in the knowledge that they are well protected.

Most recently, one of our clients could not get to their London Mayfair apartment due to travel restrictions. When a leak occurred in the kitchen causing significant damage, we repaired the damage and liaised with their insurer. We also engaged an insurance-approved leak detection company who have now fitted flow monitoring and an automatic shut off valve. We now provide weekly property checks for the client with detailed reporting on its condition and have since been engaged to manage their security and staffing for when they are in London. We now manage two further properties for the client, all under one agreement with one primary point of contact within The London Management Company. This gives both the insurer and client peace of mind that any losses in the event of a claim are greatly reduced.”

Would you like peace of mind that you have the right cover for your luxury property?

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 an excellent and discreet service.

“I am confident that Aston Lark uses reputable companies that offer first-class policies and that their selected companies provide competitive quotations. I always follow their advice.” Aston Lark private client

Contact us now, no hard sell, just good old-fashioned advice.

https://www.astonlark.com/abode2

020 8181 3169