Going back as far as the 1960’s and beyond, large residential properties had been converted by investors or traditional Landlords into ‘flats’ or ‘bedsits’ across Ireland’s cities and towns.
Many of these properties which had already been in multiple residential units (tenement or other) prior to the passing of the Local Government (Planning and Development) Act 1963, were exempted from having to comply with these new planning regulations, hence the term now used, ‘pre-63’ buildings.
Successive ‘Housing Standards’ regulations have been passed and subsequently implemented in the main across the country, thereafter being policed by local authorities and city councils by way of random inspections.
Nowadays, we have a two tiered approach to the older stock of multi-unit residential investment property. Firstly, those which are ‘pre-63’ exempted and secondly those which must comply with the 1963 Act and / or subsequent building control regulations and planning Acts.
Traditionally, insurance was extremely difficult to obtain for ‘houses in flats’ or ‘bedsit’ accommodation due to perceived poor basic standards. Most of the locally based insurers declined to offer cover, leaving landlords to obtain cover via the Lloyds Markets, where accessible or remain uninsured.
Standards have substantially improved in the main and today’s stock are a much better proposition.
However, today, there are again a limited number of options for the traditional landlord to obtain insurance cover with many Insurers having dipped their toe in ‘house in flats’ insurance only to exit that market again having not understood it.
S.A. Faughnan (Brokers) Ltd. is a specialist Landlord Broker and are the appointed Broker to the national association of landlords, the Irish Property Owners’ Association (IPOA). We have been retained in that role since 1997, possessing both expert knowledge in all matters ‘Landlord’ and having access to the limited markets available for ‘House in Flats’ insurance and for all other property risks to include mixed use, commercial, retail, industrial, storage, warehousing, office, industrial and leisure.
We also have niche markets for protected / listed / period property as well property under renovation or otherwise unoccupied.
S.A. Faughnan (Brokers) Ltd. have been in business successfully for over 35 years and have a wealth of experience in all areas of commercial insurance and risk management.
A summary of the cover we can arrange for your House in Flats is below.
Property Damage All Risks insurance cover to include;
- Buildings to include outbuildings * Landlord’s Contents
- Loss of Rent – 24/36 month indemnity * Fire Brigade Charges
- Public/Property Owners Liability * Employers Liability
- Loss of Metered Water Charges * Trace & Access costs
- Accidental Damage * Vacant / Unoccupied Cover
- Malicious Damage by tenants * Period Property extension
N.B. If your property is on the local authority list of Protected Structures, we can include cover for the extra cost of reinstatement incurred as a consequence of its protected status e.g. Georgian / Victorian period features. This can also extend to internal protected features where applicable.
Remember – If you are an owner of a pre or post 1963 property which has been converted in to flats or bedsits, contact us in advance of your next renewal date.
Don’t be swayed by the cheap premium offerings of home insurance type policies labelled as ‘landlord insurance’. Insure your investment property with a property damage All Risks landlord policy…you won’t regret it when a claim arrives!
If you have specific questions about your residential or commercial or mixed use investment property insurance cover, talk to the property insurance EXPERTS at SA Faughnan (Brokers) Ltd., who have over 35 years’ experience in general insurance…