Top Reasons for Buy-to-Let Insurance Claims

An analysis of 100,000 landlords’ insurance policies by Simple Landlords Insurance has revealed the most common reasons for buy-to-let property investors to make insurance claims. Storm damage, costing an average of £1,500 to repair, made the top of the list.

This was followed by the damage done to ceilings, walls, and carpets due to a burst pipe, leaving landlords’ with an average repair bill of £4,500. The third most common reason for making a claim was damage caused to a property as a result of a burglary, the average claim for which was £2,300.

The most expensive claim (out of the top 10 most common) was found to be the damage caused by an electrical fire, which resulted in an average payout of £25,000.

Sometimes, though, landlords find that they are not covered by their insurance policies. The research showed that the most common reason why a landlord was unable to make a claim was because they hadn’t purchased accidental damage cover in their policy.

The report advises landlords to help avoid making claims, thereby keeping their premiums low, by taking practical measures to safeguard their properties. While storms are not preventable, minimising the vulnerable features of a property, such as glass-roofed conservatories, can help reduce annual expenses.

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