The National Landlords Association (NLA) has issued a warning to all UK landlords to check that their landlord insurance is up to date and to prepare for bad weather and freezing temperatures over the next few months, as weather forecasters predict a bitterly cold winter ahead for the UK.
There have been several predictions about the severity of the forthcoming winter by weather forecasters that have made national headlines in newspapers. Hurricane Sandy taught USA property owners to make sure they had the right insurance and here in the UK we cannot afford to take chances.
Even if the severe weather does not materialise and the weather remains mild, thousands of pounds worth of damage can still easily be done to a rental property, and in most cases it is the landlord that has to foot the repair bills.
Severe weather can cause damage to rental properties – Make sure Insurance is up to date
In 2011, some 30% of all rental property insurance claims were for damage caused by sub zero temperatures or freezing conditions, with one Buy-To-Let insurance claim topping £40,000 (GBP).
Standard residential and household insurance policies DO NOT cover PRS rental properties!
It is vital that landlords ensure that all rental properties owned have the right type of insurance and that the rental property is covered to an adequate amount to cover all eventualities.
David Salusbury Chairman of the National Landlords Association,said, “Last winter was relatively mild compared to previous years so it’s important that landlords and their tenants aren’t complacent and take action to mitigate any risk of damage to the property. Importantly, landlords should be aware that most normal home insurance policies do not provide cover in the event of damage in all circumstances. Having the correct residential property insurance is vital”.
Tenants need their own contents insurance too and should also be urged by the landlord to look out for signs of damage to their home caused by the weather so that their landlords can rectify any problems swiftly.