Winter Property Insurance: What Landlords Should Check
Winter can be a challenging time for property owners, particularly where buildings are empty, undergoing renovation or let to tenants.
Cold weather, water leaks and storm damage can all lead to expensive repairs.
For landlords, it's not just about keeping a property in good condition. It's also important to understand what the insurance policy requires.
Are Your Properties Occupied?
One of the most important considerations is whether a property is occupied or unoccupied.
Some insurance policies place restrictions on cover when a building has been empty for a specified period.
The definition of an unoccupied property and the restrictions that apply can vary significantly between insurers.
If a tenant has recently moved out, or your property is undergoing refurbishment, it's worth checking whether your insurer needs to be informed.
Protecting Against Burst Pipes
Escape of water can cause extensive damage, especially when a leak goes unnoticed.
Before colder weather arrives, check exposed pipework, arrange appropriate maintenance and make sure those responsible for the building know how to isolate the water supply.
Some insurance policies also contain specific requirements relating to heating, draining water systems or inspecting unoccupied properties.
It's important to understand the requirements of your own policy rather than assume that the same rules apply to every building.
Check Your Buildings Sum Insured
Another area worth reviewing is the amount for which your property is insured.
The cost of rebuilding a property is not necessarily the same as its current market value.
If the sum insured is too low, you could find yourself facing a financial shortfall in the event of a significant claim.
Property owners should consider whether their declared rebuilding costs remain appropriate and obtain professional advice where necessary.
Don't Forget Changes to the Property
Have you recently completed renovation work, changed the way a property is used or divided a building into separate units?
Changes like these may affect your insurance arrangements.
Keeping your broker informed helps ensure your insurance requirements can be reviewed as circumstances change.
How LBH Insurance Can Help
At LBH Insurance, we work with owners of residential, commercial and mixed-use properties.
We can help you explore suitable property owners' insurance, including cover for landlords and unoccupied buildings.
If you're unsure whether your existing policy is appropriate for the coming winter, get in touch with our team.
Call us on 01702 347889 for a no-obligation, competitive quote—and peace of mind that your cover reflects both your risk and your reputation or email enquiries@lbhinsurance.co.uk.
