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Landlords beware of burst water pipes

8th March 2010 Print

After the coldest winter for 30 years, Redbrick Landlords Insurance is warning landlords of the dangers of not taking out a specialist insurance policy for their investment properties.

Landlords taking out standard home insurance, or even worse no insurance at all, could be left seriously out of pocket if something goes wrong with their property due to adverse weather conditions. The freezing weather has caused mayhem for homeowners - broken boilers, gas and electricity failures, and damaged roofs and pathways have been commonplace across a snow-covered UK, but the greatest problem has been burst water pipes.

Landlords with ordinary residential insurance policies will normally be covered for damage caused to the property by a burst water pipe, but not necessarily any loss of rental income. Specialist landlord insurance through Redbrick Landlords Insurance covers both the repair costs and the loss of rental income, and can also cover the cost of alternative accommodation for the tenant in the local area. Redbrick Landlords Insurance covers these additional costs for up to 20% of the building sum insured.

Redbrick Landlords Insurance managing director Tony Armitage says: ‘There were some 16,000 burst pipe claims in the UK in January alone, and February is expected to produce a similar figure. Water can cause as much damage as a serious fire, and the speed with which it can cause complete devastation is remarkable. A broken pipe is often undetected for hours, and water cascading through a property can ruin everything - carpets, plaster, furniture, ceilings and electrical goods.

‘It can take weeks, or even months, for a property to be dried out. An uninsured landlord will be left with the double blow of the cost of repair and a loss of rental income. When landlords are operating on tight margins, this can make the difference between a profitable and loss making year.'

Redbrick's Portfolio product provides added convenience by allowing landlords with five or more properties to protect their portfolio under just one policy, potentially saving the landlord both time and money compared with the traditional approach of taking out a single policy each time a new investment property is acquired. Redbrick works with AXA, and other carefully selected insurance companies, to ensure its customers receive the most competitive premium and excellent service in the event of a claim.

In addition to ensuring their properties are adequately insured, landlords can take further steps to protect their properties. These include:

Encouraging tenants to leave the central heating on for set periods throughout the day and night
Insulating the loft and water pipes
Installing frost protection thermostats
Ensuring the tenant knows where the water stop tap is
Monitoring the weather forecast to plan ahead when freezing weather is due