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Be Aware Of Most Common Landlord Insurance Claims

October 19th 2019
By: Thomas Morris
Be Aware Of Most Common Landlord Insurance Claims

If you are a landlord, you know it is impossible to predict what will happen in weeks or months to come. This situation is why many landlords appreciate the comfort offered by landlord insurance. While there is no legal requirement for landlords to hold landlord insurance, many mortgage lenders insist on landlords holding insurance. Therefore, it is likely you are familiar with landlord insurance but are you aware of the most common landlord insurance claims?

It is helpful to know what the most common landlord insurance claims are. Some landlords take comfort in knowing other landlords struggle, reassuring them they aren’t the only professionals with problems. However, the most important reason to be aware of common landlord insurance claims is to learn from other people’s mistakes or misfortune.

Landlords must be proactive in dealing with their property and tenants

You can be proactive with your rental property, carrying out home improvements which minimise the likelihood of problems occurring in the first place. A recent study by a leading landlord insurance provider listed the five most common landlord insurance claims as:

  1. Damage relating to burst or broken pipes
  2. Damage caused by weather
  3. Damaged or losses suffered during a break-in or theft
  4. Accidental damage caused by tenants
  5. Malicious damage caused by tenants

The most common landlord insurance claim relates to burst or broken pipes. This style of claim is often expensive, with the average claim costing more than £2,000. When a pipe breaks or bursts, it is also hugely inconvenient for the landlord and tenant. There is a considerable expense and inconvenience in replacing damaged carpets, furniture while repairing damage to floors, ceilings or walls.

Landlords must know how to minimise the likelihood of pipes bursting

To reduce the possibility of burst pipes, causing an issue, landlords should lag pipes and encourage tenants to retain a low heat during cold temperatures. Also, landlords should make sure tenants know where the stopcock is. If a landlord provides instructions for tenants on what to do if this problem arises, there is an improved chance of halting the issue before it causes too much damage.

The next most common claim with landlord insurance relates to damage caused by weather. To minimise the impact of bad weather, landlords should review the condition of doors, windows and the roof. It is also vital to check drains and guttering, clearing them out if they are blocked.

At Thomas Morris, we know the challenges landlords face in caring for tenants and rental property”, said Thomas Morris Royston Branch Manager Erin Carroll. “Landlord insurance is an essential asset to have, but hopefully, you won’t need to rely on it. If you need tips on how to better care for your home, reducing the likelihood of problems arising, please contact us today.”

Letting your home is stressful, but with the right support, you can make the process easier. To book a valuation appointment at a time that is of suitable to you, click here. Alternatively, you can phone our Royston branch, managed by Erin Carroll by calling us on 01763 243331.