Property owners who are renting out have been advised to make sure they have coverage against floods.
Experts in the landlord insurance sector of the industry are reminding the owners of rented properties in the United Kingdom about the importance of protecting their investment, particularly against perils such as flooding, which have become an increasing problem over the last few years.
They are reminding these owners that a policy could make the difference between the life and death of their investments.
Flooding is already becoming a growing issue in the United Kingdom this year, and it can mean weeks or months in which the space is unlivable, while the repairs are being completed. Furthermore, without landlord insurance, it also means that the repairs will need to be paid out of pocket.
Landlord insurance has become increasingly important because of the flooding that has been suffered by many British households.
The losses from perils such as flooding can be doubly hard on rental property owners who don’t have landlord insurance as they not only need to pay out for the repairs, but they may lose part or all of the income associated with that property while it is inconvenient or unlivable. This can be financially devastating and can completely derail the investment potential of the property for the owner.
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Aside from landlord insurance, the industry is also recommending that a few other precautionary steps be taken both by rental property owners and by tenants. When there is heavy rain being forecasted, damage can be limited with certain efforts. This is helpful for both those with and without coverage.
Registration with the website of the Environment Agency can provide owners and tenants with free alerts so that they can be warned if flooding could be an issue. The official website of that agency can also help to show whether or not the property is in an area that is considered “at risk” on the maps. Properties within vulnerable areas should have landlord insurance and should prepare enough sandbags so that they can effectively limit any damage that could be caused by rising floodwaters.