Brian Gelling from G3 Insure was our main speaker at our last Property Meet for 2016 in November.
Richard gave an update regarding Rent Smart Wales and informed everyone that this was now operational. However according to recent statistics, less than half of landlords have registered ! In the budget on the 23rd November the chancellor announced that the government will be introducing a ban on letting agents fees. This will only be in England for the time being. Again in England only, there will be a requirement to have an Electrical Safety Certificate completed every 5 years. It’s likely that in due course this will be rolled out to include Wales. At the moment it’s usually a requirement as a landlord, to have any wiring checked every 5 years to comply with your insurance.
Brian Gelling from G3 Insure explained that he’s currently based just outside Chester and has 25 years experience in the insurance industry. He gave an overview of his background and how G3 Insure came to be.
According to the ABI statistics for 2015, UK insurance providers paid out £4.7M in commercial property claims every day ! He stressed that there’s only one chance to get your insurance cover right. Therefore as a landlord you need to ensure that you’ve got a landlord policy and not a normal residential one. This needs to cover you for when the property’s unoccupied, for malicious damage including drugs cultivation but to name a few. For example, different policies will offer different lengths of cover for when a property’s empty with some offering 30 days whilst others offer 60 days before it reverts to FLEEA cover (Fire, Lightening, Explosion, Earthquake & Aircraft) Some policies won’t cover malicious damage where a friend of the tenant causes the damage.
It is vital that you check your policy and the level of cover that it offers you. It is especially important to ensure that your sums insured are sufficient. These should be based on the rebuild costs and not the market value. The rebuild costs can usually be obtained from your mortgage valuation report. If you are underinsured then any claim would be reduced accordingly by your insurance company. Furthermore, Brian advised that you shouldn’t underestimate the length of time it takes to rebuild a property, this is usually 12 months minimum.
So if you’re looking for insurance for your property/properties then why not contact Brian. He can offer 25 years of experience, he is local and independent, you know who you’re dealing with and finally he can do all of the work for you.
Should anyone wish to contact Brian, his contact details are:-
Tel:- 07977 576349