Insurance claims for landlords - how to prepare your property

By Steve Cox

person writing insurance claims for landlords

Insurance Claims for Landlords

September 19, 2014 Steve Cox 0 Comments

Last updated on December 4th, 2019 at 05:03 pm

Claiming on your landlord insurance can be a tricky process. Whether your property has suffered some serious flood damage or your tenant’s broken an appliance you’ve supplied – insurance claims for landlords are something you never want to have to do. With a few preemptive tips backed by the support of a professional insurance claims team, the hassle of settling a claim could be taken away from you altogether.

Insurance claims for landlords: where to start

First of all, in order to minimise the financial loss and agony of going through an insurance claim, there are a few checkboxes every landlord should tick at the start of the tenancy that will help the claim go through.

  • Have a landlord insurance policy and not homeowner’s insurance policy – the two types of insurances are very different
  • Have consent from your mortgage lender to let the property as this could invalidate your mortgage agreement and indeed your insurance
  • Have a signed tenancy agreement and all your relevant landlord documents in place
  • Take photos of absolutely everything including all appliances, furnishing and meter readings
  • Have a professional inventory and Schedule of Condition signed by the tenant
  • Keep receipts of all items you have bought for the property
  • Request the tenant takes out contents / liability insurance

Declare all changes to your insurance company

If there is a significant change to your property or your tenancy, this could seriously affect your insurance and invalidate any claims you make. Your insurer should be informed of any changes to your home or tenant in writing and you should request written confirmation of receipt.

To ensure any changes to your tenancy do not affect your insurance, you should always carry out comprehensive reference checks on any new tenants you get. If your tenant has a criminal history that you’re unaware of – it may impact your insurance.

If you are a landlord with a lodger, you must follow the same procedure. Although you will be living at the property and have Homeowners Insurance not Building and Contents, your insurance is still at risk of being invalidated if you do not declare you have a lodger.

Insurance claims for landlords: making a claim

When settling an insurance claim, making sure that you are reinstated for the full amount you’re entitled to will more than likely be your number one priority.  An insurer however, may have a different view. They will calculate how much it will cost you to repair the damage to your property or to replace an item, potentially leaving you out of pocket.  This is where the involvement of an insurance broker comes into play.

Insurance brokers

Without the involvement of a broker you will have to convince the insurer to agree a settlement you are happy with.

Alan Boswell Group have been working closely with LettingaProperty.com’s landlords for some time. Our in-house Claims Team liaise with insurers and loss adjusters to make sure that our landlords get a fair settlement. If warranted, our Claims Consultant can visit the property to assess the claim and will involve any necessary parties to reach an agreement.  Our Claims Team are also authorised in many cases to settle on behalf of insurers.

Insurance claims for landlords: an example case

We were contacted by a leaseholder who’d had a claim for a water leak in their property.  They were concerned that the surveyor, who had been appointed by the insurer to inspect the claim, had offered an insufficient amount to reinstate the property to its original condition.

Our Claims Consultant visited the property and argued the offer made by the surveyor was not sufficient. Our consultant requested a loss adjuster was appointed to discuss the claim further.

The loss adjuster concurred with our opinion and agreed the full reinstatement costs along with loss of rent suffered.  We continued to monitor the progress of the claim to ensure payments were made promptly and repairs were completed satisfactorily, to ensure the tenant could move back in as quickly as possible.

It’s likely a fair settlement would not have been reached if we had not become involved in this claim.  We use our knowledge, expertise and relationships to fight our client’s corner should a claim occur and are dedicated to resolve claims quickly and efficiently.

Get an insurance quote for your property

Discuss your landlord insurance with Alan Boswell and get a quote for your property today.

Need some help with finding a tenant, managing your property and collecting the rent? Contact LettingaProperty.com today on 0333 577 8888.

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