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Buildings insurance is the most common type of insurance for landlords. This cover would pay out for fire and flooding damages caused by acts of god.
The fire fighting authorities in Britain, attended 43,500 house (16% of total emergencies) fires and false alarms in between 2011 and 2012.
Most fires where accidental, the main cause of fire fatalities where caused by smoke, and toxic fumes. Of the 287 fatalities in dwellings in 2011-12, 244 (85%) were of accidental.
There were 11,300 non-fatal accidents, most accident were caused by misuse of equipment and appliances like cookers, microwaves and leaving electrical equipment on standby.
No smoke alarms were present in 14,800 (34%) of house fires; can you believe that, that was just last year.
Smoke alarm installations increased rapidly in 1988, up to 8%, in 1994 they had been a 70% rise is smoke alarm installation because of government advertising.
Smoke alarm installations have continued to raise in recent years to 86% in 2008 because of continued government advertising and fire awareness programs in schools and universities.
These statistics are quite shocking aren’t they? You would think by now that every property have smoke alarms installed as most councils provide them for free and as a landlord, you must have a fire safety certificate.
When your property is being let, you never know what’s round the corner, that’s why buildings insurance is available for you to fall back on. Even if you didn’t cause the fire, you are still held labile for repair costs.
Your landlord buildings insurance will cover the rebuild cost of your property if a house fire starts or your get hit by another act of god like, flooding, if you live in a high flood area.
You will also be covered for substance, the cover amount will depend if they are any substance happening to the property at the time you take out building insurance.
Insurance companies usually ask for a structural report from a separate company, if you don’t have one already.
The landlord insurance company will pay the whole amount your property is worth, if it’s worth £250, 000 or £1million, you’re covered as long as you tell the insurers what your property is worth.
Most insurers offer unlimited cover, so there is really nothing to worry about. Just make sure, your insurers know the score.
Yes, this insurance cover is a must have, it’s more important that contents and loss of rent insurance, because what do you do, if your tenant gets drunk one night and leaves the cooker on and a fire breaks out?
You might not live in a high-risk flood area but fires can happen anywhere. Cover your property with landlord buildings insurance before you think about letting it out.
Now you know how important landlord building insurance is, never do without it and never think you can live without it, you just never know.
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