subject: Winter can still hit property owners [print this page] Winter can still hit property owners Winter can still hit property owners
Storm damage
Many parts of the country have recently been hit by severe storms and global warming could well mean that this is something with which we will have to put up in the future.
It is therefore essential for all property owners to ensure that they have taken steps to ensure that their premises are well maintained and secure from damage. Failure to do so can not only result in inconvenience to landlords and tenants while the mess is cleared up and damage made good, but insurance companies may decide that, if the property is not adequately maintained, they will not pay for the damage; or if they do, they may seek a contribution from the property owner for what they call "betterment".
In essence, landlords insurance is intended to put you in the same position after a loss that you were in before it. Landlords' insurers would be within their rights to say that if they repair poorly maintained property to make it weatherproof, then the insured is actually better off after the loss. This is clearly not what insurance is about and they could pay only part of the loss, or ask for some money towards the repairs.
Water damage
Far more frequent in winter is damage caused to buildings and contents by burst pipes, or leaking gutters and down-pipes.
Simple precautions can protect the property against such disruption, including checking that all exposed water pipes (including those in lofts) are properly lagged and that gutters and drainpipes are cleared of obstructions.
A little time spent now can save thousands of pounds of damage later on; and just because your property has survived the winter so far; there are no guarantees that it will continue to do so.
Chimney fires are also a threat
One other area that may be less obvious applies to landlords who have property with chimneys. Fire Brigades are understood to have reported a rise in the number of chimney fires (The Times 8/1/11) during the first freeze, this winter, as higher fuel prices encouraged people to light open fires without first having had the chimney cleaned.
Landlords whose properties have chimneys (even if they think these are boarded up) should check to ensure that naked fires are not being used or if they are, that the chimney is professionally cleaned.
Getting the right advice
It is important to seek independent professional advice from certified agents such as Alan Boswell Insurance Brokers before making any decision about your property owners' property and liability insurance as well as your financial obligations. You should always ask your insurance advisers what experience they have of dealing with residential and/or commercial rental property insurance.
Nothing contained in the article should be considered as giving individual financial advice. Please note that there may be variations for those living in or letting property located in Scotland and Northern Ireland.
