Mind the gap with Tenants’ Improvements

December 4, 2019

Our big cities house some of the country’s most exclusive leasehold properties in the form of converted warehouses, mansion flats, apartments within grand houses, as well as new-build blocks. These properties are often found in exclusive locations that render them both highly desirable and incredibly expensive.

For most leasehold apartments Buildings Insurance is provided by the landlord, as part of the service charge or purchased by all the leaseholders together via a property management group.

Standard cover may not be enough

This scenario may work perfectly well for some, but in this situation one size rarely does fit all. Imagine if you had spent thousands, upon thousands of pounds, repairing ornate cornicing, laying or restoring oak parquet flooring, installing a marble bathroom or hand-printed wallcovering, as well as replacing specialist windows, (that have to comply with conservation or listed building status). It is unlikely that the freeholder’s standard building insurance will extend to these improvements, even where insurance is via a property management group, the other leaseholders are not going to want to pay more on their insurance to cover your property.

So if a pipe leaks over your marble bathroom or there is a fire, standard buildings insurance will not reinstate your home to what is was. Any such event is bad enough, but then to find that you can’t just easily replace the loss is heartbreaking.

An easy solution

This clear gap in cover can easily be addressed – in the form of Tenants’ Improvement cover.

At Flint Private Clients our insurers will cover the fixtures and fittings and interior decorations that are fixed to and form part of the structure of your home, against physical loss or physical damage that occurs during the period of insurance.

They will even cover the cost of finding and accessing the point of escape of a domestic heating fuel leak within your home; or find a water leak from your permanent plumbing or heating system that is likely to cause damage to the fixture and fittings and interior decorations described in your insurance contract. They wil also pay the cost to make good any damage caused by such work.

At Flint Private Clients we work hard, so that you do not have to worry. To make sure that your beautiful home is properly covered call Rachel Ewing at Flint Private Clients on 0208 426 3649 or email rachelewing@flintinsurance.co.uk.

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