Severe Weather Causes Chaos For Uninsured Landlords

Tuesday, January 13, 2015

Severe Weather Causes Chaos For Uninsured Landlords

Landlords Warned About Perils Of Being Uninsured Following Severe Weather Conditions

Landlords Warned About Perils Of Being Uninsured
Following Severe Weather Conditions

The recent severe weather conditions may have caused chaos for uninsured PRS landlords, with the terrible conditions causing costly damage to rental properties that will have to be repaired out of potential rental profits.

The gale force winds, driving rain, sleet, snow and freezing conditions may have caused a great deal of damage to property, leaving landlords and property owners with a large financial headache as repair costs mount up.

Now is the time for landlords to check that their landlords buildings insurance policies are up to date and rental properties remain in good condition, as the winter months can be a rotten time for tenants and landlords if they are uninsured or if the property hasn’t been properly maintained.It is important that all UK private rental sector (PRS) landlords carry out periodic checks on their rental property assets every few months, to ensure that they remain in a safe condition for tenants to live in and identify repair issues as they arise in order to avoid costly repair emergencies that could affect their tenancies.

Landlords are urged to check their properties for missing roof tiles, problems with chimneys, water ingress, unsecured or blocked guttering and damaged fence panels. Ensure TV aerials and satellite dishes remain securely fixed and working and check that any trees in the property’s gardens are still securely rooted and free from damage.

According to a recent report in The Telegraph, tenant energy bills could rise by up to 9% this year, so landlords need to make sure that the rental property’s boiler and central heating systems are in good working order, check if any radiators require bleeding and if the property has electric storage heaters, ensure that tenants know how to use them efficiently. Landlords should also make sure that essential annual gas safety checks are up to date.

Landlords should also consider improving the energy efficiency rating of their rental property assets by insulating the loft and walls, it could also be worth seeking advice from a qualified green deal assessor to see what else you can do to lower the rental property’s energy bills.

Uninsured or inexperienced landlords may want to protect as much of their hard earned rental profit as they can, but the truth is they need specialist landlords’ buildings insurance that can help save them a lot of their own money on property repairs, as damage to rental property roofs or guttering that remains unchecked can cost landlords a great deal of lost rent and a lot of their own money on repairs.

Landlords who remain uninsured are risking losing more than they may realise, especially if their rental properties become uninhabitable through neglect or severe weather damage. Tenants will soon begin searching for a new home if repairs are not carried out by landlords and damaged property will not attract new tenants, leaving landlords with empty rental properties that require a great deal of money spending on them to bring them back into a habitable standard.

With this in mind is really worth being uninsured?

Get specialist Landlords Buildings Insurance from Legal 4 Landlords today!

This was written by Mike Clarke. Posted on at 11:30 am. Filed under Insurance. Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Follow comments here with the RSS feed. Both comments and trackbacks are currently closed.