Monday 5 March 2012

Flood Risk Warning from HomeLet Landlord and Tenant Insurance

It was raining over the weekend and maybe not enough to help the water shortages in England, however, you never know if we might suddenly experience flooding.

Before last Christmas, HomeLet the Landlord and Tenant insurance specialists issued a Press Release urging landlords to check their buildings insurance to ensure that they are covered in the event of a flood.

“HomeLet warns landlords of potential floods hitting the UK”

Landlords must check their Buildings Insurance to ensure they’re covered for flood damage

Over the last month Professional services claims company Merlin has seen increased activity around new flood claims across their client base, particularly in Wales, South West England, and Northern Ireland, with the latter experiencing the highest influx. With the winter weather about to set in the potential for further flooding is a high probability

Homelet are urging Landlords to check their Buildings Insurance to make sure they’re properly covered in the event of a flood. Landlords should also check their contents insurance against flooding if renting out a furnished property to tenants.

John Boyle, Managing Director of HomeLet says; “Landlords must be aware that having flood cover within their buildings insurance is important considering the current situation. Those living within the current affected areas need to be particularly conscientious. According to The Environment Agency; the average cost of a home flooding is £28,000, compared to £7,300 losses from fire damage and just over £1,000 for a burglary. This signifies just how important comprehensive buildings and contents insurance is.”

John Boylecontinues, “If landlords do not ensure they have comprehensive flood cover; especially within these predicted affected areas of Wales, South West England and Northern Ireland; their properties could become damaged by the affects of flooding and putting it right out of their own pockets could cost a fortune. This could also mean their house is inhabitable; thus their tenants having to move out, meaning no rental income. If you are concerned about your property being at risk, please visit environment-agency for up-to-date information on areas at risk of flooding”.

To find out more about HomeLet Landlord and tenant insurance follow this link.

To visit our special “Flood Insurance” page at jml-property-insuance follow this link.

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