Most Common Landlords Insurance Claims

Buy to let claimsThe key to successful property investment is looking after your assets; and that means making sure that you’ve got the right insurance. Landlords insurance is a specialist product designed to provide a financial safeguard against a host of potential problems from Public Liability to Rent Guarantee.

Savvy landlords often opt for bespoke policies, allowing them to choose benefits to fit their individual needs, but cover generally includes provision for Buildings & Contents. While policies provide valuable peace of mind; wouldn’t it be even better if landlords didn’t have to make claims in the first case?

A report by a leading insurer has revealed the most common buy to let claims and it makes for interesting reading. The British weather was the biggest culprit with storm damage accounting for most claims and repair bills averaging £1,500.  Burst pipes were the next most common cause of claims with escaped water damage costing an average of £4,500 to repair. Burglars came next with property damage costing an average of £2,300 to fix.

It’s often said that ‘prevention is better than cure’ (not only will you save on claims excess and rising premiums, but you’ll also save yourself a headache) so take the following steps to help prevent the most common claims:

Schedule regular maintenanceNip any problems in the bud before they get serious. A cracked or missing roof tile can quickly become a leaking ceiling.

Take security seriously Burglar alarms and security lighting are effective deterrents and fitting approved models could help cut the cost of cover.

Secure your garden Burglars are often opportunists and you can make their lives much more difficult by making sure there aren’t any gaps in the garden fence and the gate is kept locked.

Keep your trees trimmed Consider cutting back low hanging tree branches, which could cause damage in high winds.

Clean your gutters Make sure gutters and gullies are clear to carry away water quickly and efficiently. A blocked downpipe with trapped rainwater may shatter when the weather gets cold.

Wrap up warm Prevent pipes from freezing by wrapping in lagging and ensure that your loft is well insulated.

Build close relationships Keep your tenants and neighbours happy and they will keep an eye on your property.

Quoteline Direct is an independent broker specialising in buy to let insurance. With nearly half a century’s experience we have access to some of the most competitive providers in the market and can tailor a competitive quote to fit your property needs. What’s more we guarantee to beat your current renewal premium by at least 10% (based on like for like cover). To find out more visit our Landlord Insurance pages or Tel: 0161 874 7747 to speak with a member of our team.


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