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  • Insurance

    Prevent the biggest landlord insurance SNAFU!



    A new survey has identified "water damage" as the biggest reason for a domestic insurance claim.

    Obviously, this covers a lot of ground including water leaks through pipes, water ingress via a roof, flooding, faulty dishwasher or washing machine and drainage issues.

    As with everything to do with property, prevention is far less stressful and costly than cure, so be sure to take steps to mitigate against this risk.

    In order to prevent water damage you can inspect roofs for broken tiles, large debris and the like; clean a property’s gutters regularly; caulk and seal any windows; and check pipes.

    Undertaking mid-term property inspections can help flag up these issues, especially if tenants fail to report them.

    When checking a new tenant in, advise them where the water stop cock is located and show them how to turn it off.

    If the property has roof lights or velux windows, advise the tenant that these must be closed and secured whenever the tenant leaves the property, as they can let in a lot of water if there is heavy rain.

    Water damage is important to prevent, but if it does happen, the sooner you spot it and correct it, the less damage it will do.  If it is left to continue, such as in an empty rental property, it can do a lot of damage and costs can escalate!

    If your rental property does experience water damage, be sure to take some photographs for your insurer.  You may need to arrange to bring in specialist equipment, like a giant "hoover" that sucks up water, and also add a dehumidifier to the property to dry it out.

    If there is significant damage, you may also be obliged to re-house your tenants during the remedial works.  (See video with Solicitor David Smith in the footer).

    It will also take several weeks for the water to dry out and that has to happen before any re-decoration can be undertaken.

    It it is a leasehold property, the management company may be responsible, so you should contact them in the first instance.

    Having the right level of cover for your landlord insurance is vital and you will be grateful that you had it if you need it.

    Being a landlord is all about mitigating and preventing risk, as I discuss in this video with Rob Guy for our insurance partner, Alan Boswell Group:



    Here is a reprise of our "Business Risk Mitigation Week" content:



    Monday - the launch of week and looking at how landlords can insure against risk - with Alan Boswell Group.

    Tuesday - the importance of inventories with the Association of Independent Inventory Clerks and Inventory Base.​

    Wednesday - mitigating risk through the use of a reputable lettings agent with David Cox, CEO of ARLA.

    Thursday Mitigating business risk via due diligence

    Friday - Mitigating business risk by using verification


    For all your landlord insurance needs - standard BTL, HMOs, holiday lets etc, you can contact the award-winning Alan Boswell Group team on 01603 649736 .

    SEE ALSO  -         Responsibility for water leak outside flat?

    UP NEXT -             Water leak into my property from flat above!

    DON'T MISS -        Flooding and de-humidifiers

    NOW WATCH:

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    With the torrential rain last night, one landlord posting on facebook has woken up to this water-related problem:



    Who do you think is responsible to repair this water damage - landlord or tenant?  I will ask Alan Boswell Group to comment ...

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    Without knowing the exact circumstances it is impossible to comment on whose fault this is.

    Our recommendation would be to make a claim on your own insurance and then the insurance company will do a full investigation into the cause of the problem.

    If they believe it was the fault of the tenant then they may make payment to yourself and seek recovery from the tenant.

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