Top 10 Insurance risks for Landlords

New 2016 report details the top 10 insurance risks from 100,000 policies

Simple Landlord Insurance have issued their yearly report “RISK REPORT 2016 :Challenging tenants, water & theft: a Simple guide to the unforeseen costs of buy-to-let”

They have used their insight as a leading insurance provider to the buy-to-let landlord market for the last 10 years, to identify the unforeseen drains on a landlord’s pocket and provide advice on how you can avoid them.

The report analysed more than 100,000 policies and investigated the most claimed-for events in buy-to-let properties, identifying factors which most commonly lead not only to higher insurance premiums, but hassle and ultimately loss of earnings.

The top 10 claims were

The DamageAve repair costDays to conclude claim
1Storm damage£1,50034
2Burst pipe£4,50028
3Damage from break ins£2,30022
5Accident damage to building£2,20018
6Excessive rain£2,10018
7Collapsed drains£2,60024
8Vehicle crashing into property£4,60024
9Electrical fire£25,00068
10Leak from property above£2,000

Read the report here

Written by: Houseladder