Shropshire landlords who cut corners when it comes to insurance
could find it costs them dearly in the longer term.
David Williams, from Henshalls Insurance Brokers, in Newport and
Shrewsbury, said the difficult economic climate had led some
landlords to cut back on short term costs in order to save
cash.
"But by scaling back on costs, including their property
insurance, this means landlords are failing to look to the future
when it comes to proactively re-investing in the upkeep of their
rental properties.
"If they're not insured for avoidable incidents such as leaks,
burst pipes, frost damage and general wear and tear, the standard
of the property will go downhill rapidly.
"This will not only cost the landlord dearly in order to repair
the property, as maintenance-related claims are not covered by
insurance policies, but will also disrupt current tenants and
discourage future tenants from signing a lease if the property is
in a bad state."
David said landlords should encourage tenants to report
instances of damp or water leaks as soon as possible, as
maintenance work done straight away could save on bigger payouts
later.
He said industry figures showed the proportion of claims made
for avoidable incidents such as leaks and burst pipes had risen by
5% since 2008 as landlords began to tighten their budgets.
"The figures show that water damage is the biggest offender,
with the number of claims rising by 20% since 2008, and it's also
one of the most expensive problems to fix with the average repair
costing £2,422.
"Other claims have decreased, including accidental damage (down
by 3%), storm damage (down by 17%) and theft (down by 2%), but
these are still among the most frequently reported problems.
"As autumn moves into winter, landlords would be wise to check
their properties for any leaks or required maintenance now, so that
they're ready to cope with any heavy rain and cold spells.
"Anyone who ignores the approach of winter and takes their
rental properties for granted could be faced with unwelcome bills
as the year comes to a close."
For more information about Henshalls, please visit their website
here: www.henshalls.com