Highlights from Gareth Le Page’s Presentation at the GPRLA AGM
At the recent Guernsey Private Residential Landlords Association AGM, Gareth Le Page, Director at CIB, shared timely advice on the property insurance landscape for landlords.
The Insurance Market is Changing
Insurers are becoming more cautious, particularly around storm and flood risks. Increases in water damage claims and more unpredictable weather patterns are contributing to increased premiums. Cover is still available, but it’s more important than ever to have the right advice, and to make sure that full disclosure is made.
Why Use an Independent Broker?
Gareth highlighted the benefits of working with a local independent broker. CIB has access to a wide range of insurers and can find cover tailored to Channel Islands properties, including for listed buildings and blocks of flats. Our team also supports you through claims, making that your interests are protected and that you receive an appropriate claim settlement.
Know Your Policy Exclusions
Some common exclusions can catch landlords out. These include:
- Damage during periods of unoccupancy (usually over 30 days)
- Gradual wear and tear
- Damage caused by tenants unless specifically included
A broker can help ensure your policy is properly set up from the start.
Don’t Underinsure: Reinstatement Values Matter
Many landlords confuse market value with the cost to rebuild. Gareth reminded attendees that a professional reinstatement valuation is essential to avoid underinsurance, which could reduce a payout after a loss. This should be reviewed regularly, especially after any building works.
Simple Steps to Protect Your Property
Regular maintenance helps prevent claims and shows insurers you are serious about risk management. This includes checking flat roofs, gutters, and plumbing, particularly before winter.
Talk to CIB
If you’re a landlord in Guernsey or Jersey, we can review your current cover and highlight any gaps or make recommendations. Our local team understands the challenges of property ownership in the islands and is here to help.