Buildings Insurance/Property Owners Insurance
Residents Insurance Services Limited offers a range of insurer developed bespoke polices for residential property owners and managing agents. All of the buildings policies we arrange are underwritten by rated UK insurers.
This policy summary does not contain the full terms and conditions of the insurance and cover, details of which will be found within the actual policy documents. We have set up a page under ‘Useful Infomation’ called A-Z Jargon Buster to help explain some words / phrases for you.
Standard Summary of Insurance Cover
Buildings shall mean: buildings (including foundations) built mainly of brick stone concrete or other non-combustible material; landlord’s fixtures and fittings (including fixed glass and fitted carpets) and tenants improvements for which the landlord is responsible in on or around the Buildings; furnishings and other contents of common parts of the Buildings; gangways pedestrian malls and pedestrian access bridges; walls gates fences and Services; car parks roads pavements and similar surfaces all constructed of solid materials; landscaping excluding external ponds and lakes – all being the property of the insured or for which they are responsible and situate at the Premises. The insurance extends to include Temporary Removal of Landlords property for cleaning renovation repair or other similar purpose and whilst in transit.
Main features: Fire; Explosion; Lightning; Aircraft; Earthquake; Riot; Malicious Damage; Storm or Flood; Escape of Water or Oil; Impact by any Road or Rail Vehicle; Accidental escape of water from sprinkler installation; Theft or attempted theft; Subsidence, Ground Heave or Landslip.
- Basis of Cover – Day One Rebuilding Value + inflation provision
- The cost of complying with Building Regulations – Included
- The cost of removing debris – Included
- Accidental Damage – Included
- Architect & Surveyors Fees – Included during reinstatement
- Landscaping Expenses – Included
- Extinguishment & Alarm Resetting Expenses – Included
- Loss of Metered Water or Gas – Included
- Common Parts – Limit 5% of the building sum insured
- Glass Cover Extension – Included
- Replacement of Obsolete Building Materials – Included
- Reinstatement to Match – Included
- Replacement of Locks
- Trace & Access
- Eviction of Squatters
- Loss of Rent / Alternative Accommodation – Limit 20% of sum insured extended to include pets
- Property Owners Public Liability
- Employers’ Liability
- Legal Defence Costs
- Terrorism Damage
The main excesses and exclusions
- Fire, Lightning, Explosion, Earthquake – Nil; Subsidence – £1,000; All others including Water Damage – £100 – £250 depending on insurer to be advised on quotation
- Damage to any property caused by its own faulty or defective design or material, wear & tear, faulty or defective workmanship on the part of the insured, corrosion rust wet or dry rot marring scratching vermin insects, pollution or contamination, frost, change in the water table level
- Damage to fences, gates, trees, plants, shrubs and turf unless caused by falling trees or there is damage to structural parts of the Building at the same time
- Sonic Bangs – Loss or damage by pressure waves
- Radioactive contamination
- War Risks/terrorism causing property damage – any consequence of war, invasion, act of foreign enemy, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection or military or usurped
Main Additional Optional Covers for Property Insurance
- Loss Of Rental Income
- Employers Liability
- Terrorism cover
- Communal contents/contents of common areas
We have either Delegated Underwriting Authority or agency arrangements with some of the UK’s top insurance companies.