Technical Insight
Debunking Property insurance
By Bernadette Clensey Property Executive bernadette@tpsg.co.uk
Dealing with insurance may not be the most exciting event of the year, but it is probably the most important part of owning a property. Repair costs can quickly run into the thousands and spring from nowhere, so it’s important to have adequate protection. Like owning a car, having property insurance is a requirement that, without purchasing outright, you’ll struggle to obtain via a lender or with the support of a trustee. Naturally, as Property Executive here at TPSG, with an eagle eye for the detail, I spend my working days drinking copious amounts of tea and delving into all aspects of purchasing new and maintaining existing property for our clients. Throughout this time I’ve learned an awful lot of what there is to know about property insurance.
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Clients who come to us at TPSG in order to acquire commercial property through their pension will quite often have one or another goal in mind when it comes to insurance. They may already be quite knowledgeable of what’s out there and will perhaps even have a trusted provider in mind that they need us to (and we often will) support and work with if necessary. Or it may be the case that they need some guidance to tread through this apparent murky area of acquiring a new premises and rely on us to help organise this on their behalf. This is where our trusted and reliable partner will come in. In either instance there is no escaping the need for some clarity on what exactly the provider is going to cover and that you are clear of what excesses and/or additional charges may be required if you were to suddenly find yourself in the position of needing to make a claim.
