When dealing with private rental properties, a landlord must appreciate there might be a time where they need to make a claim on their landlord insurance.
While this is not an ideal situation, the reality is incidents can and do happen and ultimately this stresses the importance of having proper landlord insurance and indeed a clear tenancy agreement form. The latter being key should the claim be the fault of the tenant and a violation of their tenancy agreement.
So if you have private properties to rent, here you’ll find some of the most common reasons for landlord claims according to data from HomeLet, to help make you more aware of any potentially costly issues. At the same time, we take a look at how you can efficiently and effectively manage such situations.
The top three claims
Official data from HomeLet shows that from 2013 to May 2015 the top three reasons for claims being made on landlord insurance were as follows:
Escape of water (37%)
This is the most common claim, with leaks from features like shower trays, radiators, boilers and piping causing damage, damp and rot to different areas of a property.
Accidental damage (25%)
The second most common claim is also the most varied in terms of the nature of the damage done. Pretty much every room in the house can be damaged in some way by a tenant, from cracked windows to broken appliances, persistence damp and more.
Storm damage (14%)
The third example is from storm damage which more often than not can involve strong winds causing roof tiles to dislodge or for trees and debris to be blown at the property.
How private landlords can be prepared
A notable similarity between the above claims is that a lot of the time the damage is out of your control. This again simply reinforces just how important landlord insurance cover is to protect your flats and houses and safeguard your investment.
As aforementioned though, a concise tenancy agreement from the outset helps avoid any unnecessary claims being made on your policy at the end of a tenancy – particularly for accidental damage. Instead this can be covered by the tenant’s deposit, providing you make it their responsibility to look after certain aspects of the property.
To make this process even more efficient you should consider using Rentr. This property management app features a number of tools to help private landlords let their flats and houses independently, all from their smartphone or tablet. More specifically though, two of the features on offer help to create tenancy agreements and allow landlords to manage tenant deposits, instead of having to pay an agency to do this.
So make sure you afford your properties the protection they need and save yourself money by having the right cover in place and using the convenient Rentr DIY lettings app to manage this yourself.