Let Property Insurance Claims by Landlords
UK landlord insurance policyholders have to deal with a wide range of problems that arise from a buy to let property. Some of these problems are simple and can be rectified easily and some can be costly. If the problem is covered by the property owner’s landlords insurance policy then the landlord does have the option to claim against the property insurance.
Below is a list of common claims made by UK landlord insurance customers. Some of these risks can be reduced by the landlord that puts in risk management solutions to limit the likelihood of a claim occurring. Most landlords know that making a claim on their let property insurance can increase the renewal premiums and landlords that have made numerous claims within a short time frame may even find it difficult to obtain cover.
Escape of Water Claims
Probably the most common type of claim for rented properties is the escape of water claims. This obviously leads to distressed tenants and wastes a lot of time for the landlord in trying to correct this issue. The landlord has to call the insurance companies claims line and report the claim. Call a plumber and have the immediate problem of the leak fixed. A lot of time and effort on the landlords part that can easily be reduced by taking some simple measures.
The landlord should ensure that the tenant knows where the stopcock is located to turn the water off. Also water tanks, ballcocks in tanks and overflow pipes should be check periodically for wear and tear and replaced if needed. Another issue that arises is burst pipes due to freezing in the winter months. Again try to maintain a minimum temperature of 15 degrees throughout the property and lag any external pipes.
Accidental damage by tenants
Damage to landlord’s contents in a rental property also features high on the list of claims made by residential UK landlords. Usually accidental damage claims are made for damage to carpets and sofa sets etc. Unfortunately these types of claims are very hard to avoid as most tenants will not deliberately cause damage to their landlords contents.
The only thing a landlord can do is make sure that they vet the potential tenant thoroughly by following up on their references. Letting a property to shared students will more likely result in accidental claims then letting a property to a single professional. Most landlord insurance policies tend to exclude accidental damage cover where the property is rented to DSS or student tenants.
By choosing the type of furniture provided to the tenant can help reduce these types of claims. Laminate flooring in the kitchen and bathroom can easily be cleaned and is not prone to staining easily.
Storm damage claims to a let property building
Most landlords building insurance policies cover damage caused to the main structure of the let property by storm conditions. Even though landlords cannot prevent the storms from happening, they can however take some precautions in minimising or preventing the resulting damage caused by a severe storm.
Repairing the roof and then periodically getting it check for any loose or damaged tiles can save the landlord a lot of time and money. Also if the roof if flat and is made of felt on timber, then most let property insurance policies will contain a flat roof endorsement that the roof must be checked and recommendations made by the roofer must be carried out within a specific time frame.