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Landlords: is your property properly insured?

December 15th 2016
By: Melanie
Landlords: is your property properly insured?

It’s at this time of year when it turns colder that problems can occur in rental properties, especially if tenants go away over the Christmas period, so it’s best to make sure that they know the basics of making sure your home stays safe and sound over the festive season. If a home is not adequately heated and there is damage caused by a burst pipes for example then your insurers might refuse to pay out.

Most good landlord insurance policies will include buildings insurance, accidental damage and financial protection against loss of rent. If you are taking out a buy to let mortgage to finance your home, most lenders will want to make sure that your property is properly insured.

Another risk is an outdated insurance policy, make sure you make a note of the renewal date and check out for better deals on comparison websites each year – make sure your insurer realises that it’s a rental property.

Check what your insurance policy covers – as they might not include wind or storm damage if your property hasn’t been properly maintained. Insurance companies will usually apply the Beaufort Wind scale to policies, which means that wind under 52 mph will not normally cause any damage to a maintained property.

Clean out leaves from your homes guttering as these could become lodged, waterlogged, then become frozen, which could burst the pipes resulting in damage to your property.