The Cost of Fire Risk Assessments for Residential Buildings: A Landlord’s Perspective
As a landlord, ensuring the safety and well-being of your tenants is not just a moral responsibility, but also a legal obligation. One critical aspect of meeting these obligations is conducting a fire risk assessment for your residential buildings. While the cost of a fire risk assessment may seem like an additional expense, it is crucial to understand the potential consequences and compare the cost of having one versus not having one.
The Initial Cost
The cost of a fire risk assessment for residential buildings by ERMCO’s experienced professionals typically starts from £350 + VAT. The cost may vary based on factors such as the size and complexity of the property and the location. While this may seem like a significant upfront cost, it is essential to consider the long-term benefits and potential savings associated with having a thorough, professional, assessment conducted.
Compliance with Legal Requirements
Fire risk assessments are a legal requirement for residential landlords in the UK, as stipulated by the Regulatory Reform (Fire Safety) Order 2005. Failing to comply with this regulation can result in severe financial penalties or even imprisonment.
While it is possible for landlords to conduct the assessment themselves, hiring a professional ensures compliance with legal obligations and assures that the assessment meets the required standards. Professionals bring objectivity to the assessment process. They can evaluate the property without bias and identify potential fire hazards that may go unnoticed by the landlord.
Potential Insurance Savings
Insurance providers consider fire safety measures when determining premiums for residential buildings. By conducting a comprehensive assessment and implementing necessary safety measures, landlords can lower their insurance premiums. The potential savings on insurance costs over time can offset the initial expense of the assessment.
Mitigating Property Damage
A fire incident can have devastating consequences for both tenants and landlords. Not only can it endanger lives, but it can also result in significant property damage. Without a fire risk assessment, landlords may be unaware of potential hazards, such as faulty electrical systems or inadequate fire escape routes. By investing in an assessment, landlords can identify and rectify these issues, reducing fire risk and minimising potential property damage.
The importance of a fire risk assessment for all types of premises
Fire risk assessments are essential for all properties, with both short term and long term let arrangements. ERMCO are professionals in the field and will not ask you to take measures that do not help to ensure your tenants safety and mitigate the cost of damages should a fire occur.
To best mitigate costs and property damage, it is recommended to follow a professional fire risk assessors guidance. You’re likely to find long term costs lower for it.
Conclusion
While the cost of a fire risk assessment for residential buildings in the UK may initially appear as a large expense, it is crucial to view it as an investment in the safety and well-being of tenants, legal compliance, and the long-term viability of the property. By proactively addressing potential fire hazards, landlords can mitigate risks and potentially lower insurance premiums. The cost of a fire risk assessment should be seen as a necessary measure to protect both tenants and the landlord’s investment, outweighing the potential financial and personal consequences of not having one.
