The recent cold weather has triggered a number of big pay-outs in the landlord building insurance industry. Millions of pounds are claimed every year when severe weather hits the UK during the winter months.
Winter 2010/11 was a particularly severe year for freezing temperatures, snow and ice. The Association of British Insurers (ABI) recently revealed figures that showed that as much as £650 million was paid out by insurance firms during this period. This was recorded as the severest winter in the UK for nearly 30 years.
Cold weather is just one of the risks that landlords can face every year. It is essential that you have the right landlord building insurance in place to protect yourself against the financial risks that can affect your assets. You don’t want to be in the position of having to pay to repair damage out of your own pocket. The point of having insurance is that you will be protected against significant costs that can arrive from issues such as storm and cold weather damage.
When you consider the claims for cold weather damage to buildings can reach in excess of £30,000 you can see how it important it is to have the right protection in place.
Landlord Building Insurance
Landlord building insurance is widely available and offers you the specialist cover you need. You cannot rely on standard household insurance alone if you own or manage rental properties. This will simply not provide you with the level of coverage required to protect your assets. You need to arrange proper landlord building insurance which can offer additional benefits:
- Property Owners Liability – you do need to be covered against any personal injury claims that could be made against you. These could set you back financially even if they are unfounded so you do need to make sure your landlord policy includes this type of cover.
- Legal Expenses – this can be combined with liability cover and will offer you financial backup if you need legal support in your role as a landlord.
- Loss of Rent – this is a useful type of cover that can maintain your rental income if you are unable to rent out your property as a result of an insured claim. Rent Guarantee provides protection for rental income should a tenant default on a payment.
The Insurance Octopus can provide you with the cover you need for landlord building insurance. Get more information about your coverage needs now by giving us a call.