5th
Jun 2017
A major bank's business insurance services is warning many smaller landlords to realise that insuring their rental properties is a totally different prospect to insuring their own home.
The bank's latest research has found that a quarter of tenants had damaged their rented 'home' accidentally and 25% who admitted this, said that they had caused blockages to lavatories and sinks. Over 10% owned up to not paying their rent or utility bills and 12% said that they smoked in the rented property, obviously increasing the risk fire and smoke damage.
Landlords should also be aware of the other 'activities' that could be going on in their property with 10% of tenants causing anti-social behaviour through excessive noise, 9% admitting to pets damaging the property and 6% not bothering to lock or properly secure the 'home' when going out. 5% have admitted that their 'home' was burgled during their tenancy.
The top five confessions admitted to were:
1. Accidentally damaged the property 25%
2. Blocked the sink/toilet 25%
3. Smoked inside the property 12%
4. Defaulted on rent/bills 12%
5. Caused noise disturbance 10%
The research also found that tenants have gone to extraordinary lengths to hide their 'accidental' damage so as not lose their deposit.
Just under a third (31%) had hired or used a carpet cleaner on the carpets, 29% had redecorated the walls and 5% had gone to the expense of hiring professional cleaners to 'spring clean' the property throughout.
Head of Business Insurance for the banking group Damien McGarrigle,, said: “The results highlight just how important it is for private landlords to have adequate landlord insurance which will protect them from a range of common problems, from break-ins and accidental damage to loss of rental income and plumbing issues.
"We know many small scale private landlords with just one or two properties rely on regular home insurance to protect them, but this often falls short of covering the specific problems they could face.”
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