Recent data covering 100,000 insurance policies for landlords has showed that the most common reason for making an insurance claim would be damages caused by storm. Damage from break-ins and from burst pipes completes the top three claims, but landlords can use these simple ways to decrease the chance they will need to make any insurance claims.
1. To lessen any possible weather damage, landlords should always keep a well maintained roof and make sure to regularly clean the gutters. The summer months are the perfect time to make any necessary improvements needed, rather than postponing it until the winter.
2. As uncommon as it may sound to some Londoners, it can also be beneficial for landlords to get to know the neighbours in the area and give them your contact details, as they can usually be the first one to report any potential issues at your property, or let you know if something unusual has happened lately.
3. Landlords should peform regular inspections of their property and remain in contact with their repective tenants in order to make sure that they are fully insured to meet their duties.
4. To fully have a peace of mind, Landlords may also want to think about taking out additional insurance that can often diminish any excess payments and one that can cover accidental damages.
5. To restore repair any damage that occurs, landlords can use the Building Cost Information Service or the BCIS from the Royal Institute of Chartered Surveyors to aqcuire an accurate cost for any repairs, renovations, or rebuilding works.
Landlords should use common sense approach concerning their investment properties so as to reduce the chances of having to claim on their insurance, and seeing the costs rise which could greatly impact returns.
Being up to date with general maintenance can help save lots of time, effort, and money in the long term.