Accidents can happen, and this means landlord insurance is absolutely vital when it comes to managing rental property. Most buy-to-let mortgages insist landlords have insurance in place, but it always makes sense to be covered.
At David Harris & Co, we aim to help Finchley landlords manage their rental property as best we can, but even a well-managed rental property experiences problems from time. A recent study by Total Landlord Insurance highlights some key issues for people in the rental market to be aware of.
Some claims are more costly than others
The average claim by a landlord leads to a pay out of £6,512. However, when fire is involved in the incident, the average claim rises to £31,621. With storm damage, the average claim is £11,568 and subsidence is also a factor to consider, with the average claim of this ilk coming in at £7,954.
Repair work is expensive, so it is helpful to have insurance in place to cover the cost of restoring a property to a former glory. You also need to think about a potential loss of earnings if a rental property is unable to be used while improvements are made.
There is a lot to consider as a landlord, and this is why David Harris & Co, is here to help you with every aspect of the industry.
The ten most frequent reasons cited in the report are:
· Escape of Water - 35.5%
· Storm - 22.4%
· Accidental Damage - 13.1%
· Malicious Damage - 7.0%
· Fire - 4.8%
· Liability - 4.3%
· Subsidence - 4.0%
· Underground Services - 3.3%
· Break-In - 3.0%
· Ingress of Water - 16%
Melissa Choules, Lead Claims Technician at Total Landlord Insurance, said: “When it comes to insurance claims, the reasons for claiming are often either common or costly. The most common generally revolve around damage caused to the property, such as water damage. Therefore, a claim can often be avoided if a landlord takes the correct steps to care for and upkeep of their property. Unfortunately, the most costly are often out of their control and there is no real way of preventing damage as a result of storms.”
Melissa Choules concluded by saying: “Whether it’s a common or costly claim, landlords need to have confidence that their insurance provider is going to be there when they need them the most and that, in any reasonable circumstance, will payout an appropriate amount of money in order for the landlord to completely fix whatever damage has been caused.”
Contact David Harris & Co to let in Finchley
We have assisted many Finchley landlords connect with tenants, and we know where these groups are looking for rental property. You can take the stress out of connecting with your ideal tenant by turning to a local letting specialist in Finchley.
If you want to make an informed decision in and around Finchley’s letting market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
