Property insurance is a necessary element of property investment. AP Consultants independently assists clients obtain property insurance for both residential and commercial real estate in Asia to ensure that client assets are secure. Following are some points to illustrate the value of having appropriate property insurance and details of the services offered by AP Consultants:
Property insurance is impacted by characteristics of the geographical region the property is located in. A higher risk of snow, fire, hail damage, for example, will change the requirements for insurance. Having effective security services in a home or business premises can be advantageous to the cost of insurance as it reduces the risk to the insurer.
Property insurance ensures that the time and financial resources devoted to investing in property are not wasted, or put at risk. Protection against potential disasters and happenings beyond the control of the property owner gives peace of mind over their valuable assets.
Two common types of property insurance are i) replacement-cost, where the policy holder is covered for the actual cost of replacing the property and ii) actual cash value (ACV), which is based on the replacement cost minus physical depreciation of the lost or damaged property. The ACV type of insurance tends to have a lower premium.
For commercial property, insurance can cover the business’s building and its contents, along with money and securities, financial records, inventory, office equipment and supplies if damage, theft or loss occurs.
For residential property, insurance will generally cover structure and contents. Varying degrees of coverage depends on the characteristics and requirements of the property. Contents is a variable element that is dependent on the amount and quality of goods and services in the house, jewelry collections etc.
Arranging tailored property insurance is part of the property management services AP Consultants offer clients. The processes undertaken include:
Researching the property insurance options specific to the market required.
Appointing and supervising a professional property insurance company.
Providing the client with independent advice on the property insurance options relevant for their property and requirements.
Providing an independent risk assessment for our client’s property, including assessing potential for theft and natural disasters such as fire and flood.
In consultation with our client, decisions are made on the appropriate level of property insurance. This could be comprehensive coverage, specific home contents insurance, fire insurance, flood insurance, or even earthquake insurance.
Having located an appropriate property insurance policy, AP Consultants review policy documents on our clients’ behalf, advising on any issues or anomalies.
If necessary, AP Consultants can manage the processing of claims, negotiate disputed claims and renew policies on behalf of the property owner.