RESIDENTIALlettings
Q What exactly is covered when a property becomes uninhabitable? A This depends on the policy. An unoccupied property, to an insurer, is a greater risk than an occupied property. Claims tend to be more frequent and usually cost more to put right as the damage may not be found straight away – burst pipes are just one example. It may sound obvious but you should be looking out for policies
that give you full cover for a good period of time, with no requirements to inspect the property or drain the water system. Some specialist policies will give you 30 or 60 days cover before restrictions kick in – you’d hope to have a tenant before then, but can you guarantee it? Policies that offer 90 or more days may seem excessive but usually will not cost any more.
Q What are the most common liability claims? A We live in a ‘sue’ culture. Daytime television is packed with ‘no win no fee’ advertisements. Landlords need to ensure that they have adequate protection against anything that could be classed as negligence – specialist landlord’s insurance caters for this. These are real examples of serious issues that have affected our
landlords. Injury claims will be costly to settle if there is found to be negligence but even if it is clear that there is no accountability on the landlord, you will still incur the solicitor’s costs:
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Buildings insurance claims storm torrential rain – drains flooded property causing significant damage leaving the property uninhabitable for an extended period of time total cost £102,897 (£26,993 in alternative accommodation) Tenant’s friend electrocuted by light switch sued landlord – £7,500 accidental damage – Landlord putting up aerial on roof and put foot through roof – £3,882 short circuit in electric shower caused fire – £17,000 (£5,000 in alternative accommodation) Buildings liability –Tenant broke ankle when stepped in hole – £35,000 malicious damage by Tenant – Broken windows due to Police raid – malicious damage throughout property – £10,231 roof blew off in storm – Tenant had to move out for 12 weeks – roof leak, internal damage – £14,000 (£5,000 loss of rent)
conTenTs insurance claims Police forced entry as drugs inside property and also internal damage done by Tenants – £6,716. Fire – Christmas tree lights caused a fire – £13,000 (£3,000 in alternative accommodation) damage to contents and flooring throughout flat following an escape of water from blocked drain – £9,000 landlords contents liability – Carbon Monoxide poisioning of Tenant – £14,917
The Guild of Letting & Management ...your partner in business
The Guild of Letting & Management is a professional membership organisation for all lettings and management firms. There are many membership benefits and full professional support including:
Advice line – quarterly reports provided for multiple offices (terms and conditions apply) Discounted courses and workshops through the Letting Training Centre Competitively priced EPCs through PSG Energy Insurance review service to ensure that you and your clients are protected by BJIC Ltd. Introduction to GLM Networking Hubs™ from September 2010
Join us today:
www.guild-let.co.uk Tel: 01992 479949 PROPERTYdrum JUNE 2010 59
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