Landlords: How Can I Protect My Property During Risky Seasons?
by Arina Smith Real Estate 21 August 2020
Owning a buy to let property can be a lucrative business. However, there are also a lot of challenges you’ll face throughout the rental seasons.
As well as the general risks, there are seasonal ones you need to prepare for too. Here, we’ll look at some of the seasonal risk landlords are exposed to and how to overcome them.
What risks should you plan for?
When it comes to seasonal risks, the main ones to be aware of include:
- Damage from severe weather
- Vandalism
- Loss of rent
There are many more general risks, but these are the main seasonal risks you should plan for. Damage from severe weather is particularly challenging.
The UK’s weather appears to be getting stormier each year. Torrential downpours and severe gusty winds are becoming commonplace during specific times of the year. In early 2020, Storm Ciara ripped through the UK, causing up to £7.75 billion in damage. So, protecting your property against severe weather is a priority.
Vandalism is another concern, as is the loss of rent if you find it difficult to rent out the property during seasonal months. These are the main risks you need to prepare for.
Protecting your property against the risks
There are a number of ways you can protect your property and yourself against seasonal risks. As well as taking measures to physically protect the property such as securing roof tiles and weatherproofing the exterior, you can also take out insurance from Arthur J. Gallagher.
Property insurance comes in many different forms. So, it’s important to compare your options to ensure you’re getting the best deal. If you are adequately protected, you won’t suffer a shortfall if damage does occur to the property.
Things to consider when choosing an insurance
When you’re looking for buy to let insurance, there are a number of factors you’ll need to consider. No two insurance policies are the same, which means you’re going to need to compare your options.
It’s important to be aware of loopholes. Just some of the common loophole’s insurers use include:
- You are under-insured
- You haven’t taken out extended accidental damage
- Not reporting a claim in time
- It doesn’t cover loss of rent
These are just some of the common loopholes insurers can use to refuse to payout. This means it’s really important to check the small print. Make sure you know exactly what’s going to be covered before you sign the contract.
Pay particular attention to whether you’re covered for loss of rent. Usually, landlords need to invest in separate rent protection insurance. You’ll also want to consider taking out additional flood and fire insurance. This will cover you against potential seasonal damage. Familiarise yourself with the fine print of the policy you’re considering and don’t just go for the cheapest insurer.
Making sure your property is protected against seasonal risks is important if you don’t want to end up out of pocket. Compare the different insurance policies out there and ensure you make improvements to the property to help protect it against severe weather and vandalism.
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