Commercial plan insurance
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Plan Insurance is an independent insurance agency established. We have provided low cost insurance with excellent service for more than two decades. The commercial insurance plan, the commercial plan insurance, the taxi insurance plan, the assistance plan and the financial plan are divisions of The Plan Group Limited.
The videos consist of the commercial insurance expert, Nick Cole, talks to the owners through some key terms related to homeowners insurance for residential and commercial buildings insurance.
The insurance policy of the owners
Just like ordinary home insurance, if as an owner you are planning to furnish the rental property with furniture, appliances or televisions, then you must obtain the "Owner Content Cover".
If you are not furnishing the property, the building insurance of the owners will cover the kitchens, floors and toilets, so it is not necessary to have contents.
Many tenants prefer unfurnished (or partially furnished) since, being quite mobile, they bring their own furniture and prefer to use their own items, especially beds. Even without furniture generally means that carpets, curtains and some appliances are included (eg, refrigerator, stove).
Here I would expect to see the basics as above, but perhaps the addition of items such as cabinets, dining table and chairs, etc., but not beds, 3-piece suites, TV, dishwasher, washing machines, etc.
Furnished or fully furnished
It is at the discretion of the owner and, to a certain extent, by negotiation regarding the standard and the amount of furniture required by his target group of tenants. In a fully furnished apartment, I would expect to see something similar to the above with the addition of beds, 3-piece suites; In fact, everything that is needed to live comfortably at home. Crockery, cutlery, towels, bedding, etc., although they are expected in luxury rentals, may be subject to negotiation and are not always provided.
Unoccupied property cover
An unoccupied property is not only when your tenants go on vacation. Your coverage for a property while it is unlet. Our & # 39; Unoccupied property cover & # 39; It is insurmountable. Many insurers do not like to insure unoccupied properties because they are more likely to be stolen, and if a pipeline leaks, there is often no one there to report it and, therefore, the damage can be extensive. But in Commercial Plan, we offer unoccupied property coverage that is "warranty free", which means that the cover is not subject to the owner who drains the central heating pipes, for example, or who visits the property weekly. "
Day One Uplift
The business plan insures the properties based on their reconstruction cost. So, if a property costs £ 200,000 to rebuild, a client will take out an owner's insurance policy to cover that amount. However, if something happens to the property nine months later and requires a reconstruction, the labor and material costs could have increased in that period of time, so it could cost about 250,000 to rebuild. Our coverage provides a 50% increase, which means that a property of £ 200,000 would cover up to a reconstructed value of £ 300,000. "In fact, most of the insurance companies of other owners only offer a 10-20% increase and the 50% limit of the Commercial Plan is one of the most competitive in the market.
Trace and access cover
This offers coverage to the owners if there is a problem with, for example, a groundwater leak. If a pipe breaks on your property, the water table might say it is not your responsibility, and an owner may have to pay the cost not only to track the leak, but also to repair it. With Trace & Access Cover, the insurance company would pay the bill, so this is a really important feature that owners should keep in mind.
Owner's liability insurance
This will cover an owner if a tenant damages himself due to something dangerous on the property, such as a defective light switch. The owner's liability insurance will pay the damages that are awarded to a tenant, as well as the legal costs.
Video credits to MotorInsuranceTube YouTube channel