Watch Out for Radon 

We all know that exposure to a large dose of radiation is not good for your health.  But have you considered that everyday in your home and at your place of work radioactive particles are bombarding your body without you even knowing.  Menasche Scharf explains.

It is happening right now - and if you live in a part of the country designated by the government as a ‘Radon Affected Area’ you may very well be storing up health problems for yourself and your family in the future. 

Radon is a radioactive gas. It is the by-product of a natural process that sees uranium, which is present in all bedrock and soil, organically decay. The gas reaches us from the ground beneath our feet, generally in low enough amounts so not to cause us harm. Once out in the open air above ground it disperses quickly, and for the majority of us will never be a concern.  There are however a few pockets of land across the country - normally where the bedrock is granite or limestone - where radon emissions are much higher. Identified as Radon Affected Areas these hotspot locations, which include the likes of Cornwall, Southwest Devon, parts of the Midlands and Wales, the Lake District and areas of Scotland, see radon emissions readily climb above the national average of 20 becquerels per cubic metre. This in itself is no cause for alarm. What is of concern, however, is the way in which some buildings in Radon Affected Areas pool the gas into high enough concentrations to be considered a health hazard. 

Buildings that ’suck’ 

Radon enters buildings through cracks and gaps in floors and walls. The differential in air pressure between the building’s interior and the ground on which it is built sucks the gas into the property. If there is little ventilation the gas is allowed to pool. 

In areas where natural radon emission is low, for example in places like Manchester and London, pooling radon rarely results in a problem. Mixing with air, even in poorly ventilated spaces, ensures that the gas never reaches dangerous levels. 

But in Radon Affected Areas where emissions are higher the story is very different. Radioactive particles can build in poorly ventilated buildings to the point where occupants exposed to the particles long-term can become three times more likely to contract lung cancer. The Health Protection Agency in fact estimate that some 2,500 lung cancer deaths each year in the UK are caused as a direct result of high level radon exposure. 

What can you do about it? 

If you’re in a high radon emission area, you’ve every right to be concerned. Thankfully, there is much you can do to alleviate the threat the gas poses. First off, if you are worried about radon levels at your property, you should enlist the services of a radon measurement company. They will be able to test your property’s radon levels and help you determine if there is a genuine risk there or not. 

If your property is at risk, the most effective way to manage that risk is through better ventilation. To this end you can have an air pump and vents installed at your property that efficiently disperse the gas so that it never becomes an issue. Pumps are not all that expensive to buy, and you just might be eligible for a grant to cover your costs. Contact your local council for more details.

Whether your property investment is a little cottage in Grimsby worth a few thousand pounds or a substantial portfolio of commercial and residential properties worth millions, you are a Landlord and will have encountered Landlord Property Insurance. Menasche Scharf takes you through the maze.

Each class of insurance business is underwritten with its own factors and considerations. As Landlord Property Insurance is a different class of business from Homeowner Property Insurance, a standard buildings and contents policy will not suffice for the residential and commercial property landlord.

Over the years the UK property market has flourished and with it the insurers have designed tailor-made policies to meet landlords’ needs.

Landlord Property Insurance is not a legal requirement, but it still makes very good sense for this reason. If a mortgage is to be secured on your investment property, the mortgage offer will include a condition, to have the property insured throughout the term of the mortgage. In fact it is not possible to obtain a mortgage without insurance in place.

Where to purchase your Landlords Property Insurance

You are almost ready to exchange contracts on your investment property and your solicitor asks you to supply buildings insurance, especially, as mentioned above, if the property is to be purchased with a mortgage. 

If you are purchasing a simple residential house, as with everything today, you can try buying insurance online. However, this can have disadvantages. Even if your property can be ‘squeezed’ in to the data capture form, after paying, you may end up with a few surprises. On looking at the certificate it may well say that the cover provided is subject to a list of requirements, i.e. specialist security locks, CORGI certified appliances etc. Should the property not meet these requirements you could either cancel and start from square one in obtaining your Landlords Property Insurance or pray that you will not need to claim! 

Another disadvantage of buying Landlords Property Insurance online is, you may require mid-term amendments such as changing the name of your mortgagee noted on the certificate. For this you will have to contact the company’s call centre and it can end up being a tedious process.

What if your property is a house divided into 2 or 3 flats, or is not standard build? What if you property is a shop to be let to a retailer? Whereas for example motor insurance information can all be entered on a data capture form on line, every property is different and will not always be able to fit into the standard tick box question form.

This is why Property Insurance Brokers are still in business! 

Norwich Union, Zurich, AXA and Royal Sun Alliance are a few of the major players in the insurance property market and most policies including those purchased on line will originate from them. Those sold online will only be appropriate for few. A good broker will understand your needs in a few questions and will usually have you covered instantly, be available for policy amendments and claims assistance.

Your requirements

If you are purchasing or re-mortgaging a new investment, by perusing the mortgage offer and the surveyors report, you will be able to see what level of cover is necessary. Policy renewal will be every 12 months and if you are with the same lender, the requirements stay the same although the sum insured may need to be increased.

If you are looking to insure your investment property but have no offer or surveyors report to refer to, your broker should be able to advise you what cover is available.

What am I insured for?

The best way of understanding what you are covered for is by looking at the insurance policy schedule. 

Standard cover will include damage from Fire, Lightning, Aircraft, Earthquake, Malicious Damage, Theft, Storm, Escape of Water or Oil etc. Most policies will extend to ‘all risks’ which includes accidental damage i.e. if you foot goes through a floorboard etc

Amongst other extensions to your cover you can add, (and your mortgagee may well require this) terrorism cover and loss of rent. The latter is in the event of the property being damaged and therefore resulting in the rent not being paid if the property is not fit to be occupied.

Subsidence will usually be included except in some areas. In fact most London postcodes are high risk subsidence areas. In high risk areas, subsidence cover will only be available once a completed questionnaire has been submitted to the insurer.

If you are purchasing a property to refurbish or redevelop, then only FLEA cover will be available (Fire, Lightning, Aircraft and Explosion) and usually at an added premium.

It is always important to inform the broker or insurer of the exact situation with the property, i.e. if it is occupied or not. It may cost more but it’s worth the price, as by providing the wrong information you could end up with no cover at all.

In all cases you will be covered for public liability. This can be for anything from £2, million to £10million and will cover you for all liability to anyone or anything that could be damaged from your property, including damage to tenants. 

If you own and insure for example, a block of flats and have your maintenance workers on site, it will be necessary to add on to your policy Employers Liability.

Even though your property will be occupied by tenants, especially in the case of residential properties, you possibly will have your own furnishings in the property which you may want to insure. This can be added under Landlords Contents Insurance.

Sum Insured

It costs pretty much the same to build a house in London as it does up North. So although market prices are sky high in the Capital, rebuild sums are not. Hence, when it comes to insuring, you are looking for the reinstatement value also known as the ‘declared value’. This figure can be found in the surveyors report.

The good insurers add on to the declared value 25 -50% included in the premium paid, just in case you have underinsured. This is why you will notice two figures on the schedule, the declared value and the sum insured.

We can see Landlords Property Insurance is a completely different product from Homeowners Property Insurance. The option for terrorism cover, loss of rent and employers liability cover are a few visible differences. Aside from this, let property is a different class of insurance altogether, presenting to the insurance underwriters different risks and therefore requires specialist Landlords Property Insurance.

Of course you should shop around for a good quote but also check that you are getting the best cover. As a landlord you deserve the best!

Whether your property investment is a little cottage in Grimsby worth a few thousand pounds or a substantial portfolio of commercial and residential properties worth millions, you are a Landlord and will have encountered Landlord Property Insurance. Menasche Scharf takes you through the maze.

Each class of insurance business is underwritten with its own factors and considerations. As Landlord Property Insurance is a different class of business from Homeowner Property Insurance, a standard buildings and contents policy will not suffice for the residential and commercial property landlord.

Over the years the UK property market has flourished and with it the insurers have designed tailor-made policies to meet landlords’ needs.

Landlord Property Insurance is not a legal requirement, but it still makes very good sense for this reason. If a mortgage is to be secured on your investment property, the mortgage offer will include a condition, to have the property insured throughout the term of the mortgage. In fact it is not possible to obtain a mortgage without insurance in place.

Where to purchase your Landlords Property Insurance

You are almost ready to exchange contracts on your investment property and your solicitor asks you to supply buildings insurance, especially, as mentioned above, if the property is to be purchased with a mortgage. 

If you are purchasing a simple residential house, as with everything today, you can try buying insurance online. However, this can have disadvantages. Even if your property can be ‘squeezed’ in to the data capture form, after paying, you may end up with a few surprises. On looking at the certificate it may well say that the cover provided is subject to a list of requirements, i.e. specialist security locks, CORGI certified appliances etc. Should the property not meet these requirements you could either cancel and start from square one in obtaining your Landlords Property Insurance or pray that you will not need to claim! 

Another disadvantage of buying Landlords Property Insurance online is, you may require mid-term amendments such as changing the name of your mortgagee noted on the certificate. For this you will have to contact the company’s call centre and it can end up being a tedious process.

What if your property is a house divided into 2 or 3 flats, or is not standard build? What if you property is a shop to be let to a retailer? Whereas for example motor insurance information can all be entered on a data capture form on line, every property is different and will not always be able to fit into the standard tick box question form.

This is why Property Insurance Brokers are still in business! 

Norwich Union, Zurich, AXA and Royal Sun Alliance are a few of the major players in the insurance property market and most policies including those purchased on line will originate from them. Those sold online will only be appropriate for few. A good broker will understand your needs in a few questions and will usually have you covered instantly, be available for policy amendments and claims assistance.

Your requirements

If you are purchasing or re-mortgaging a new investment, by perusing the mortgage offer and the surveyors report, you will be able to see what level of cover is necessary. Policy renewal will be every 12 months and if you are with the same lender, the requirements stay the same although the sum insured may need to be increased.

If you are looking to insure your investment property but have no offer or surveyors report to refer to, your broker should be able to advise you what cover is available.

What am I insured for?

The best way of understanding what you are covered for is by looking at the insurance policy schedule. 

Standard cover will include damage from Fire, Lightning, Aircraft, Earthquake, Malicious Damage, Theft, Storm, Escape of Water or Oil etc. Most policies will extend to ‘all risks’ which includes accidental damage i.e. if you foot goes through a floorboard etc

Amongst other extensions to your cover you can add, (and your mortgagee may well require this) terrorism cover and loss of rent. The latter is in the event of the property being damaged and therefore resulting in the rent not being paid if the property is not fit to be occupied.

Subsidence will usually be included except in some areas. In fact most London postcodes are high risk subsidence areas. In high risk areas, subsidence cover will only be available once a completed questionnaire has been submitted to the insurer.

If you are purchasing a property to refurbish or redevelop, then only FLEA cover will be available (Fire, Lightning, Aircraft and Explosion) and usually at an added premium.

It is always important to inform the broker or insurer of the exact situation with the property, i.e. if it is occupied or not. It may cost more but it’s worth the price, as by providing the wrong information you could end up with no cover at all.

In all cases you will be covered for public liability. This can be for anything from £2, million to £10million and will cover you for all liability to anyone or anything that could be damaged from your property, including damage to tenants. 

If you own and insure for example, a block of flats and have your maintenance workers on site, it will be necessary to add on to your policy Employers Liability.

Even though your property will be occupied by tenants, especially in the case of residential properties, you possibly will have your own furnishings in the property which you may want to insure. This can be added under Landlords Contents Insurance.

Sum Insured

It costs pretty much the same to build a house in London as it does up North. So although market prices are sky high in the Capital, rebuild sums are not. Hence, when it comes to insuring, you are looking for the reinstatement value also known as the ‘declared value’. This figure can be found in the surveyors report.

The good insurers add on to the declared value 25 -50% included in the premium paid, just in case you have underinsured. This is why you will notice two figures on the schedule, the declared value and the sum insured.

We can see Landlords Property Insurance is a completely different product from Homeowners Property Insurance. The option for terrorism cover, loss of rent and employers liability cover are a few visible differences. Aside from this, let property is a different class of insurance altogether, presenting to the insurance underwriters different risks and therefore requires specialist Landlords Property Insurance.

Of course you should shop around for a good quote but also check that you are getting the best cover. As a landlord you deserve the best!