Wednesday 28 March 2012

Potential Subsidence Problems in the UK in 2012

We have hose pipe bance coming in certain areas of England in April and have been experiencing a lot of dry weather over the last few months.

Everyone must enjoy this beautiful spring weather, however everything in the garden is not rosy.

I have just come across this news release from HomeLet Landlord and Tenant products insurance company.

"HomeLet warns landlords of potential subsidence in 2012An unusually dry winter could mean disastrous consequences for UK homeowners......

The clocks went forward on Sunday, which means spring is officially here. Whilst this may sound like good news to most, expected milder temperatures have meant water companies have already issued drought warnings in some parts of the UK.

Rainfall this winter was a massive 79% lower than average (Source- Ely Standard). According to The Guardian, the average rainfall so far this winter is lower than the months preceding the severe 1976 drought - which brought a summer of damaged crops, water rationing and wild fires. A dry spring could have disastrous consequences to houses up and down the nation. This is because thirsty tree roots are responsible for 70% of all subsidence claims (Source- The Telegraph).

The Telegraph report a predicted 85% surge in subsidence claims last year. The British Insurance Brokers' Association (Biba) said that it has seen a fivefold increase in the number of calls about subsidence from home owners unable to get conventional insurance during the past few months. "We are getting the same number of calls a day as we used to receive in a week," a spokesman said.

Andy Wynne-Jones, Head of Underwriting at HomeLet says “Some properties are more at risk from subsidence than others. Victorian properties built in the South East are the most vulnerable. Their foundations are usually shallow and they’re regularly built on clay. Houses with large trees in their garden are also at risk. Homeowners with trees taller than 8 metres that are within 10 metres of their house could be in trouble, especially if their trees are Popler, Oak or Willow as these trees require a large amount of water”.

Andy Wynne-Jones continues, “If homeowners find that they fit the criteria of having a house with these characteristics, or have noticed houses close to them having cracks or needing underpinning, they must consult a subsidence expert as soon as possible in order to minimise the damage. A good website to consult would be The Royal Institute of Chartered Surveyors:  More Details Here " Source HomeLet March 2012

To find out more about HomeLet Landlord and Tenant Insurance Click Here

 In many cases when you have subsidence problems and the property has been underpinned you could find that it is difficult to get suitable insurance cover in the future.

There are a couple of specialist insurance companies / brokers who advertise on the jml insurance website. To find out more follow this link

Wednesday 7 March 2012

HomeLet Directors to fight 'unfair' sackings

Just picked up this news story from Letting Agent Today.

Following on from the controversary of late to make it mandatory for tenants to insure their own possessions by the insertion of a clause in their tenancy agreements.

The result of the FSA and OFT has meant that John Boyle (left) Managing Director of HomeLet and Heidi Abbott, the Business Development Director who were under suspension have  been sacked for gross misconduct.

Read the report in full by following this link
NEWS FLASH: HomeLet duo to fight 'unfair' sackings - Letting Agent Today

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.