With the property rental market in such turmoil currently, there is a chance that some letting agents may have void properties on your books, or those in the midst of a change of tenancy.
As we’re fast heading into winter, and potentially freezing weather, it would be prudent to advise your landlords to review their insurance policies, in case of insurance policy caveats around their properties being empty.
Why does an empty property matter?
An empty property attracts different risks to one that is lived in continuously, particularly during the winter months. For instance, heavy rain, storms and frozen or burst water pipes can all cause damage to a property which, due to being empty, may be left unnoticed, causing more extensive damage.
As a result, insurers typically reduce the level of cover in place after a property has been empty for more than about a month – some even regard the cover as having lapsed entirely.
If property owners and landlords don’t adhere to the requirements of their policy, and a property has a leak whilst it is empty, any insurance claim for property damage repair is likely to be rejected.
The top three policy requirements we’ve come across include:
1. If the property is empty for more than 30 days, landlords and property owners might need to make their insurer aware of the fact.
2. The insurance policy might talk about either draining the water and central heating systems down or leaving the heating set at a certain temperature during specific winter months.
3. The policy might also demand that the property is inspected every two weeks, and a record of inspections kept.
A shocking 75% of the damaged properties that we at Action Insurance Repair visited after the last freezing spell weren’t covered, as property owners either hadn’t read or complied with the T&Cs in their policies... food for thought!
Top tip: offer a winterisation service!
If you know a property you manage or rent out is going to be empty for a month or so, why not offer to carry out a ‘Void Property Check’ for your landlord clients, for a fee?! It keeps your stock safe and their policy in check should the worst happen this winter. Could be a nice little earner!
Has your property been affected by water damage? Get in touch with us via our 24/7 helpline by calling 01254 665 333 today to find out how we can help.