Got it covered? Advice to landlords - take out correct insurance
Landlords are being advised to take out the right insurance policy after a recent survey discovered a large number do not have specialist landlord insurance.
Latest research by Direct Line for Business found that nearly one in five private landlords (18%) did not have sufficient cover to let out a property.
It is essential landlords listen to this advice and action accordingly to secure specific insurance particularly as the cold snap continues to affect water pipes.
Standard home insurance does not provide the level of cover required for rented properties. This means should anything happen - including water damage caused by a burst pipe - you would be unable to make a claim, leaving you to foot the expensive bill.
Last month the Daily Mail reported on a story of Ryan Bishop, a tenant from Peacehaven who received £73,000 in water bill charges following a burst pipe leaked 21.5 million litres of water outside his rented property. Mr Bishop claimed he reported the leak to his landlord as well as property developer, Bovis Homes, in June last year so was left stunned when the bill dropped onto the mat.
The matter has since been resolved; South East Water recalculating its waste bill accordingly. However the provider had originally said it was not a mistake and was down to either the tenant or landlord to settle the bill.
Having adequate insurance in place in is just one piece of advice landlords really should listen to. Check out the GW LET checklist, highlighting the top 10 things to do prior to letting property and make sure you’re fully covered before tenants move in.
Content correct at time of publication