COLD SNAP COULD PROVE COSTLY FOR LANDLORDS
Landlords who dont have adequate insurance could end up paying out thousands of pounds to repair damage caused by freezing water and leaks from tanks, pipes or heating systems.
With temperatures well below freezing point, now is the time when pipes are most at risk of bursting and boilers of breaking down thanks to increased usage. Besides the cost of repairs, if the burst pipe or damaged water tank is in the attic water can cascade though the house bringing down ceilings and causing thousands of pounds worth of damage.
Landlords may also have to deal with the inconvenience of being called by the tenant late at night or at the weekend, and the difficulty and expense of having to find and call out a reputable emergency contractor at short notice.
HomeLet, the UKs market leading insurance provider for the lettings industry, is urging landlords to make sure theyve got specialist cover they need to protect them against the risks associated with renting a property.
HomeLet’s Managing Director, John Boyle, explained: Weve recently launched our new Landlords Insurance+ product.
Our specialist landlords buildings and contents policies include Emergency Assistance as standard, which means landlords are covered for emergencies arising from plumbing and drainage, electricity supply, cooking systems, security, lost keys and roofing, down piping and guttering at no extra cost.
Whats more there is also the option to upgrade your policy to cover sudden and unexpected breakdown, failure or damage to your boiler and central heating system.
Even if landlords dont buy buildings or contents insurance from HomeLet they can still purchase HomeLets Emergency Assistance as a separate policy that covers boiler and heating as standard and includes a 24-hour helpline for tenants to call in an emergency.
HomeLet will respond within four hours, contacting one of their professional, qualified contractors on the landlords behalf. If the problem cant be solved then and there and the tenant needs emergency accommodation, the policy covers the cost up to £250.
John continued: Many homeowners dont realise the importance of protecting their homes against freezing conditions, and landlords properties particularly those which are unoccupied – are even more susceptible. This is why our Emergency Assistance insurance covers a landlords property even whilst its unoccupied for up to for up to 30 days.
We are undergoing the most prolonged spell of freezing weve had since December 1981 and this, combined with research from Which? revealing that nearly one in three new boilers breaks down within the first six years of operation, means that landlords cant afford to take the risk of being uninsured.
Notes to Editors
HomeLet is the UKs largest tenant referencing, Rent Guarantee and specialist insurance provider for the lettings industry and has around 3,000 approved letting agents nationwide.
HomeLet pays out an average £3m in Rent Guarantee claims every year.
HomeLet is proud to announce it is a main sponsor of the Estate Agent and Letting Agent of the Year Awards 2010 and ARLA 2010 Conference and Exhibition.
HomeLet is a trading name of Barbon Insurance Group Limited which is authorised and regulated by the Financial Services Authority. Registered in England number 3135797. Registered office address: 4-9 Highview, High Street, Bordon, Hampshire GU35 0AX.