Water damage is a leading cause of rental insurance claims, with ‘escape of water’ incidents like burst pipes and leaky fixtures being particularly notorious. An insurance company report highlights that 35.5% of all payouts to landlords were for water damage, emphasising the gravity of this issue.
But how can landlords fortify their properties against such prevalent risks? Here are ten valuable tips to help reduce the likelihood of facing rental insurance claims due to water damage:
- Promptly address tenant reports of any water-related issues to prevent minor problems from escalating.
- Regular property inspections should include a thorough search for leaks, especially in older buildings where issues may not be immediately apparent.
- Fixing simple issues like replacing washers on dripping taps can avert larger problems.
- Prevent pipes from bursting due to freezing by insulating them with pipe lagging, especially in exposed outdoor areas or colder parts of the property.
- Educate tenants at the beginning of their lease about essential maintenance knowledge, such as the location and operation of the stopcock and fuse box, to manage emergencies effectively.
- For properties with outdated water storage systems, adding a ‘hot water jacket’ for insulation can mitigate risks.
- Keep gutters and drains clear to prevent water overflow and potential structural damage.
- Adhere to a regular maintenance schedule, including an annual boiler service, to ensure all systems are in optimal condition.
- Advise tenants to turn off the water via the stopcock if they plan extended absences, and to use heating settings wisely during colder months to keep pipes from freezing.
- Ensuring your landlord insurance is comprehensive and current is crucial for peace of mind.
By implementing these preventative measures, landlords can significantly decrease the likelihood of rental insurance claims due to water damage. For more insights on property management and protection strategies, reach out to us today.
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